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OFAC notes new Exec. Order, adds license and FAQs

March 08, 2022

OFAC has posted a Notice of Recent Actions announcing new Executive Order 14066, "Prohibiting Certain Imports and New Investments With Respect to Continued Russian Federation Efforts to Undermine the Sovereignty and Territorial Integrity of Ukraine." The order prohibits:

  • 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;
  • new investment in the energy sector in the Russian Federation by a United States person, wherever located; and
  • 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.

OFAC issued Russia-related General License 16 granting an exception to the Executive Order under written contracts or agreements dated prior to March 8, 2022, the exception ending at 12:01 a.m. EDT on April 22, 2022.

OFAC also published new FAQs and updated several existing FAQs.

First published on 03/08/2022

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