By Jay Solomon and Bradley Olson

WASHINGTON -- President Donald Trump has rejected a bid by U.S. oil giant Exxon Mobil Corp. to resume a Black Sea oil venture with a sanctioned Russian firm close to the Kremlin, Treasury Secretary Steven Mnuchin said Friday.

The Wall Street Journal reported on Wednesday that Exxon last month sought a waiver on Russian sanctions for its oil exploration venture with PAO Rosneft, the Russian energy conglomerate closely aligned with President Vladimir Putin. The company had originally submitted the application in 2015, and revived it in March.

--Felicia Schwartz contributed to this article.

Write to Jay Solomon at jay.solomon@wsj.com and Bradley Olson at Bradley.Olson@wsj.com

(END) Dow Jones Newswires

April 21, 2017 14:54 ET (18:54 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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