WASHINGTON – Two years after some of Texas’ largest oil companies withdrew from Russia because of U.S. sanctions over the country's invasion of Ukraine, they and other U.S. corporations are under threat of Russian litigation claiming they are in breach of contract. The legal claims are largely being heard behind closed doors by arbitration panels in Europe and Russia, keeping the proceedings confidential. But U.S. Rep.
How Texas oil companies complicate OPEC's planned production cuts “I can’t name them directly, but there are several,” he said. “American companies should never be sued by Russian assets for complying with U.S. sanctions.” Last week the House Judiciary Committee approved legislation that would bar lawsuits from being filed in U.S. courts seeking compensation for losses sustained due to U.S. sanctions – similar to provisions already in place in Europe and the United Kingdom.