White House to Meet With Exxon, Other Firms on Russia Sanctions

Mar 20, 2022

(Bloomberg) President Joe Biden’s administration will brief banks, energy companies and other firms Monday on the impact of Russia’s invasion of Ukraine and ensuing sanctions.Treasury Secretary Janet Yellen, National Security Advisor Jake Sullivan and other top officials will host an off-record discussion with companies across several industries, an official said, speaking on condition of anonymity. They include firms in the energy, refining, financial services and manufacturing sectors, the official said.

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The U.S. has led a global push to sanction Russia as a response to its invasion, upending supply chains, commodities markets and exacerbating inflationary pressures.

The meeting comes as the White House has publicly called on energy suppliers to step up production after a jump in prices, while criticizing executives who have said they are prioritizing investor returns over additional output. Last week, Biden also criticized gas companies for maintaining high prices at the pump even as oil receded from recent highs.

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“Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans,” Biden said.

Energy companies like Exxon Mobil Corp. and ConocoPhillips, refiner Marathon Petroleum Corp., lenders like JPMorgan Chase & Co. and Bank of America Corp., as well as agricultural and manufacturing firms will be among the attendees at Monday’s briefing, the official said.