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The Trump administration will not grant special permission to U.S. companies, including Exxon Mobil, to carry out oil and gas drilling in Russia while sanctions remain intact, according to a statement from Treasury Secretary Steve Mnuchin on Friday.
Shares of Exxon Mobil were marginally lower Friday.
Exxon tried to secure a waiver that would let it drill in parts of Russia currently blocked by U.S. sanctions, The Wall Street Journal reported this week. That ban was related to Moscow's 2014 annexation of Crimea and support for separatists in eastern Ukraine.
The push came about a month after former Exxon CEO Rex Tillerson became secretary of State. The Treasury's decision on Friday came as the Trump administration changed its tone on Russia.