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Trump denies Exxon permission to drill for oil in Russia

By Donna Borak

WASHINGTON (CNNMoney) -- The Trump administration has denied ExxonMobil permission to bypass sanctions to drill for oil in Russia.

Treasury Secretary Steven Mnuchin, in a statement Friday, said he consulted with President Trump on the decision.

Exxon had applied for a waver from sanctions imposed by the Obama administration in a bid to resume its lucrative joint venture with Russian state oil giant PAO Rosneft.

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