US Bans Imports of Russian Oil into the US

Written by

Gina Venezia

On 8 March 2022, President Biden issued an Executive Order (EO) prohibiting imports into the US of Russian origin:

crude oil petroleum petroleum fuels, oils, and products of their distillation liquified natural gas coal co...

On 8 March 2022, President Biden issued an Executive Order (EO) prohibiting imports into the US of Russian origin:

crude oil
petroleum
petroleum fuels, oils, and products of their distillation
liquified natural gas
coal
coal products

The EO also prohibits new investment by US persons in the Russian energy sector and any approval, financing, facilitation, or guarantee by a US person of a transaction by a foreign person in which the US person would be prohibited under the EO from engaging directly.

Concurrently with issuance of the EO, OFAC issued General License 16 authorizing wind-down activity of transactions prohibited by the EO through to 22 April 2022.

OFAC also issued new and updated FAQs on the impact of the EO including guidance on transactions involving the Caspian Pipeline Consortium (FAQ 1,020) and guidance for non-US persons who continue to import the products referenced in the EO to non-US jurisdictions (FAQ 1,018).

A copy of the EO, General License 16, and new & updated FAQs is available here. A copy of the Fact Sheet published by the US White House is available here.

Categories: Sanctions, Ukraine / Russia