House and lawmakers to be cautious.
Energy companies have also reached out directly to US lawmakers to press for a cool-down or wind-down period so their assets are not seized if they are unable to fulfil business agreements in Russia, a congressional aide told Reuters. Export sanctions are typically phased in, giving companies time to wind down their existing business, or ensure delivery arrivals, said Mr William Reinsch, a former senior US Commerce Department official.
A US Treasury official declined to comment on any such measures regarding potential sanctions against Russia but added:"We are prepared to deliver severe costs to the Russian economy while minimising unwanted spillover." Exxon's argued the sanctions, which slowed work on a major discovery in the Kara Sea above the Arctic Circle, unfairly penalised US companies while allowing foreign companies to operate in the country, one of the world's largest oil producers.