On Tuesday, March 8, 2022, the White House issued an Executive Order “finding that the Russian Federation’s unjustified, unprovoked, unyielding, and unconscionable war against Ukraine, including its recent further invasion in violation of international law, including the United Nations Charter, further threatens the peace, stability, sovereignty, and territorial integrity of Ukraine, and thereby constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States.”
EXECUTIVE ORDER
Citing the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), and Section 301 of Title 3, United States Code, the U.S. President Biden has moved forward to implement the following restrictions:
- Ban the importation into the United States of the following products of Russian Federation origin: crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products;
- Ban new investment in the energy sector in the Russian Federation by a United States person, wherever located; and
- Ban any approval, financing, facilitation, or guarantee by a United States person, wherever located, of a transaction by a foreign person where the transaction by that foreign person would be prohibited by this section if performed by a United States person or within the United States.
The U.S. administration also provided some assurances to the American people on what is being done to reduce energy prices and dependence on foreign energy:
- Commitment to releasing more than 90 million barrels from the Strategic Petroleum Reserve this fiscal year.
- Emergency sale of 30 million barrels announced last week.
- International Energy Agency (IEA) Member countries agreed to a collective release of an initial 60 million barrels of crude oil from our strategic petroleum reserves.
- U.S. oil and gas production is approaching record highs, while thousands of drilling permits on federal lands go unused. Federal policies are not limiting the production of oil and gas.
- Warned oil and gas companies, and the finance firms that back them, should not use Putin’s war as an excuse for excess price increases or padding profits.
- In the long run, the way to avoid high gas prices is to speed up – not slow down – our transition to a clean energy future. Resolve to make America truly energy independent, which means reducing dependence on fossil fuels.
WHITE HOUSE FACT SHEET: United States Bans Imports of Russian Oil, Liquefied Natural Gas, and Coal
U.S. shippers should begin to evaluate contingency measures for sourcing, transportation, and logistics operations. Green will continue to monitor the situation as it develops.
Contact Green Worldwide Shipping to speak with our supply chain experts at greenworldwide.com
