US oil companies join Trump against Russia sanctions: Report
US energy companies such as Exxon and Chevron Corp are joining President Donald Trump against a new bill to toughen sanctions on Russia, a report says.
The oils giants are accordingly notifying the Republican-controlled Congress that he bill could “disadvantage US companies compared to our non-US counterparts," The Wall Street Journal reported on Tuesday.
The pushback comes based on the argument that such sanctions would ultimately hurt the US economy and inadvertently aid Moscow.by shutting down oil and gas projects around the world that involve Russian partners,
In June, the US Senate easily passed a bill with a 98-2 vote to toughen sanctions on Russia, all while Trump has appeared as the most Russia-friendly president in US history and vowed to mend ties with the Kremlin.
“This has far-reaching impacts to a variety of companies and industries,” Jack Gerard, the chief executive of the American Petroleum Institute, told the Journal. “It has the potential to penalize US interests and advantage Russia.”
The bill is expected to clear the Congress after the lawmakers are back from the July 4th recess.
"I am confident working with the Senate and Chairman [Ed] Royce that we can move this legislation forward," Republican House Representative Kevin Brady told reporters in June.
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The bill would also give Congress 30 days to potentially block Trump from easing sanctions on Russia.
The effort came despite Secretary of State Rex Tillerson’s call on lawmakers in June not to tie Trump’s hands in dealing with Russia.
"I would urge Congress to ensure any legislation allows the president to have the flexibility to adjust sanctions," said the former chairman and CEO of ExxonMobil.
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