Economics

ExxonMobil to sue half billion dollars from Russia

30 march 2015 | 10:20

The oil company has not been able to negotiate with the Russian government for the return of $ 500 million in taxes overpaid as "Sakhalin-1"operator. 

Ексон
Earlier, the company was going to sue tens of billions from Russia
US ExxonMobil might submit a claim against Russia to the Stockholm arbitration this week.

According to "Kommersant," the company has not been able to negotiate with the Russian government about the return of $ 500 million in taxes overpaid as "Sakhalin-1" operator.

ExxonMobil tries to return nearly $ 500 million, which is the difference between the corporate income tax rate of 20% and 35%, accumulated since 2009. The company has been trying to achieve the tax rate of 20% in the last five years, while two months ago the postion of ExxonMobil has become much tougher.

Sources of the publication attribute this to the fall in oil prices, which is why the company needs to cut down its investment.

Sources in the Russian government report that Moscow is not going to return money. It its view, "everything is lawful, and that it is ready to defend its position in court."

Based on the position of the Ministry of Finance in 2009, Russia will not have easy time in the Stockholm arbitration and proceedings might take a year or two.

If a decision is made against Russia and it is not voluntarily followed, it will be hard to make Russia comply with it.

"ExxonMobil" is the largest private US oil company in the world, one of the world's largest corporations by market capitalization size.

Read more: "Naftogaz" sues "Gazprom" for $ 6.2 billion compensation for transit reduction

It was reported that Russia might have a new conflict with major foreign investor in the face of US oil company ExxonMobil.

Earlier, however, a return of tens billions of dollars were discussed.

Source: Kommersant

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