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News 10 Mar, 2022

Ukraine conflict - U.S. imposes import ban on Russian energy products

Tony Paulson

Head of Asia & Corporate Director

In a new Executive Order (EO) issued by President Biden on 8 March 2022, the United States has banned the import of Russian oil, liquified gas, certain petroleum products and coal.

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As a Client Alert from the Club’s U.S. attorneys Freehill Hogan and Mahar makes clear, the import ban only applies to cargoes of Russian Federation origin and not those of another origin even if they been routed through Russia. There is also a wind-down period for transactions entered into before 8 March until 22 April 2022. The EO – a copy of which is available here – also prohibits investing in or financing entities investing in the Russian energy sector.

Members with any questions regard this or any other sanctions matter are encouraged to contact the Managers.