The Russian Federation’s intensifying war efforts across Ukraine prompted the U.S. government to announce that it will implement a ban on Russian oil and gas imports. Under the ban, the U.S. will not import “Russian crude oil and certain petroleum products, liquefied natural gas, and coal.” It also forbids U.S. companies’ investment in the Russian energy sector and financing that enables foreign companies making investments in Russia’s energy sector. As the new sanctions are broad in scope it is likely that the U.S. and European Union will only expand economic sanctions to equal those imposed historically on Iran, Iraq, and North Korea. Companies may want to evaluate existing contracts related to Russian projects globally and potentially work to mitigate risks.