Biden Executive Order Bans Russian Oil, Gas, and Coal Imports
President Biden issues an executive order that immediately prohibits the import of Russian-origin energy products, including crude oil, LNG, and coal. The directive also blocks US citizens from making new investments or facilitating foreign energy transactions in Russia.
President Biden issues an executive order that broadly prohibits the import of Russian-origin energy products into the United States. This ban targets crude oil, petroleum, liquefied natural gas (LNG), coal, and related coal products as an immediate response to Russia's continued activities in Ukraine.
The executive order strictly forbids US persons from making any new investments in the Russian energy sector. It also prevents US citizens from approving, financing, facilitating, or guaranteeing foreign transactions that would violate this import ban, defining the energy sector to cover everything from extraction to power generation.
The Treasury Department's Office of Foreign Assets Control (OFAC) issues General License 16 to provide a limited wind-down period. This license allows the import of these specific Russian energy products only through April 22, 2022, provided the shipments occur under written contracts signed prior to the executive order.