U.S. Import of Russian Oil, Petroleum Prohibited

New Executive Order on Prohibiting Certain Imports and New Investments With Respect to Continued Russian Federation Efforts to Undermine the Sovereignty and Territorial Integrity of Ukraine, prohibits the U.S. importation of Russian crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products.

The U.S. Dept. of the Treasury’s Office of Foreign Assets Control (OFAC) has issued General License 16 authorizing transactions pursuant to written contracts or written agreements entered prior to March 8, 2022, allowing imports through 12:01 am EDT on April 22, 2022. Details on the type of documentation required can be found in CSMS #51260049.

The Treasury also published new and updated Frequently Asked Questions related to the matter.