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Russia going after Exxon for over US$220M in unpaid taxes
Kaieteur News – Russia has initiated legal proceedings against American oil giant, ExxonMobil over US$220 million in unpaid taxes, Reuters said Tuesday noting that local news agencies TASS and Interfax citing court documents said that the Russian General Prosecutor’s Office is asking a court to recover 15.5 billion roubles (US$220 million) in allegedly unpaid taxes from U.S. oil major.
It was stated that the Sakhalin regional court website lists a claim against Exxon Neftegaz Ltd, ExxonMobil’s Russian subsidiary, by the General Prosecutor’s Office, without giving further details.
The next hearing of the case in Sakhalin is scheduled for February 28, 2023, according to the court’s website.
Reuters added that Exxon declined to immediately comment and the local court declined to disclose further details to the media outlet citing that the company is not a party to the case.
Moreover, it was reported that Exxon in 2021 issued force majeure and abandoned an offshore oil project on the Russian Pacific island of Sakhalin due to Western sanctions imposed on Moscow after it sent troops into Ukraine on what it called a “special military operation”.
Notably, Moscow retaliated by blocking foreign investors’ assets, in some cases also seizing them.
After Exxon’s exit, Moscow established a new entity, managed by a subsidiary of Russian energy giant Rosneft (ROSN.MM) that owns investor rights in Sakhalin-1 project.
Exxon took an impairment charge of US$4.6 billion on its Russian activities in April. It also reduced local energy production and moved staff out of the country.
Russia last year approved requests by India’s ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC.NS), and Sakhalin Oil and Gas Development Co (SODECO), a consortium of Japanese firms, to retain their respective 20 percent and 30 percent stakes in the Sakhalin project.
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