Ban on Russian Oil Imports

On March 8, 2022, President Joe Biden issued an executive order prohibiting the following:

1. Imports of crude oil, certain petroleum products, liquefied natural gas, coal, and coal products from Russia.
2. New investment in Russia’s energy sector by U.S. persons located anywhere
3. Any approval, financing, facilitating, or guarantee by a U.S. person, wherever located, of a transaction by a foreign person that would be prohibited if it were to be performed by a U.S. person.

The term “United States person” means any United States citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person in the United States.

The Office of Foreign Assets Control (OFAC) did issue General License No. 16 which will allow transactions taking place prior to March 8, to be imported until 12:01 am on April 22, 2022.

Congress is also considering a bill that will suspend normal trade relations for goods imported from Russia and Belarus, greatly increasing the tariff rate on Russian Goods.

Canada has already stripped Russia and Belarus of their Most Favored Nation status. As a result, imported good from those countries now face a tariff of 35% when importing into Canada.  

Allyn International will continue to monitor these sanctions.  If you have any questions about how these sanctions may affect your imports or exports, please contact Allyn at sales@allynintl.com.

Contributor: Matthew Dreckman

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About Allyn International

Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North and South America, Europe and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China, Prague, Czech Republic, and Dubai, U.A.E. For more information, visit www.allynintl.com.