On 8 March 2022, United States (US) President Joseph R. Biden announced an Executive Order (EO) on Prohibiting Certain Imports and New Investments With Respect to Continued Russian Federation Efforts to Undermine the Sovereignty and Territorial Integrity of Ukraine, in response to Russia’s on-going invasion of Ukraine. The EO specifically prohibits the importation of Russian energy products into the US, as well as any US investment in the Russian energy sector along with any financing or facilitation of such transactions by US persons. The EO was accompanied by a new rule from the Bureau of Industry and Security (BIS) that restricts the export, reexport and transfer (in-country) of critical oil refining equipment to Russia absent an approved license.
Source EY
