Earlier today, President Biden issued an Executive Order (“EO”) prohibiting Russian energy imports in the United States. The EO specifically states that additional sanctions are needed to expand the previously issued EO’s due to the Russian Federation’s unjustified, unprovoked, unyielding, and unconscionable war against Ukraine is a violation of international law and threatens the peace, stability, sovereignty, and territorial integrity of Ukraine.
The new energy ban prevents U.S. persons from importing into the United States Russian origin crude oil, petroleum, petroleum fuels, oils, and products of their distillation, liquified natural gas, coal, and coal products. The EO also prohibits U.S. persons from making new investments into the Russian energy sector. The goal of the latest EO is to further deprive the Russian government of the economic resources needed to continue its invasion of Ukraine.
We will continue to monitor the ever changing Russian sanctions landscape. If you have any questions as to how the newly imposed sanctions may impact you, contact us at firstname.lastname@example.org
To read a copy of the latest executive order click here.