News & Analysis as of

Petroleum Ukraine

ArentFox Schiff

Stopping Just Short of the Kitchen Sink, USG Requires Licenses for Exports of Entire HTS Chapters to Russia

ArentFox Schiff on

During the G7 meeting in Japan on May 19, 2023, the US Department of Commerce’s Bureau of Industry and Security (BIS) published two new rules aimed at further restricting Russia’s ability to obtain items needed to support its...more

Eversheds Sutherland (US) LLP

Russia and Belarus sanctions update - March 2023

In recognition of the one-year anniversary of Russia’s invasion of Ukraine, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and US Department of Commerce’s Bureau of Industry and Security (BIS)...more

Eversheds Sutherland (US) LLP

Services ban and EU import ban come into effect for seaborne Russian petroleum products

On February 5, 2023, the G7 announced that the “price cap” on western-backed seaborne trades of Russian-origin petroleum products to third countries would be set at $45 per barrel ($45/bbl) for Discount to Crude petroleum...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

BakerHostetler on

This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). On Feb. 3, OFAC...more

Foley Hoag LLP

G7 Nations Set Two Additional Price Caps Related to the Maritime Transport of Petroleum Products of Russian Origin

Foley Hoag LLP on

In order to continue restricting Russia’s ability to finance war efforts against Ukraine, on February 3, 2023, the G7 nations implemented two new price caps on seaborne petroleum products that originate in Russia (“Russian...more

Holland & Knight LLP

OFAC Updates U.S. Oil Price Cap Policy Against Russia

Holland & Knight LLP on

As an update to an earlier Holland & Knight alert on the same topic, the U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) has published another determination pursuant to Executive Order 14071 expanding...more

Seward & Kissel LLP

Economic Sanctions and the Russian Oil Price Cap Policy

Seward & Kissel LLP on

Background - As the Russia-Ukraine war approaches its one-year anniversary with no end in sight, U.S., EU and UK authorities, among other nations, continue to exert calculated but sustained pressure on the Russian...more

K2 Integrity

Implementation of the Russian Oil Price Cap and Key Compliance Considerations

K2 Integrity on

As the Russian invasion of Ukraine continues, so too does Russia’s isolation from the West. Member nations of the Group of Seven (G7)—the United States (U.S.), Canada, France, Germany, Italy, Japan, and the United Kingdom...more

The Volkov Law Group

OFAC Releases Preliminary Guidance on Price Caps for Russian Origin Crude Oil and Petroleum Products

The Volkov Law Group on

On September 9, 2022, the United States Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) released “Preliminary Guidance” concerning a ban on maritime transportation services involving Russian Federation...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Retail Motor Fuel Prices: Two Petroleum Trade Association Position Statements

Two energy (petroleum) related trade associations issued communications addressing retail motor fuel pricing. The trade associations include: Energy Marketers of America (formerly Petroleum Marketers Association of...more

Foley & Lardner LLP

A Recap of President Joe Biden’s State of the Union Address

Foley & Lardner LLP on

Tuesday night, President Joe Biden spoke to Congress in his first State of the Union address. In an hour long speech, President Biden covered a variety of topics and urged Congress to pass numerous pieces of legislation....more

Spilman Thomas & Battle, PLLC

Currents - Energy Industry Insights - March 2020 #3

Coronavirus Throws EU Climate Plans into Disarray - "Czech Prime Minister Andrej Babiš said last week that the EU should 'forget about' the Green Deal for now while it focuses on Coronavirus." Why this is important: ...more

Spilman Thomas & Battle, PLLC

Currents - Energy Industry Insights - January 2020

Energy Infrastructure Attacks are ‘Probable’: Oil Traders Fear Supply Disruptions in the Middle East - "A dramatic escalation of geopolitical tensions will most likely result in an unplanned oil supply shortage in the...more

Spilman Thomas & Battle, PLLC

Currents - Energy Industry Insights - July 2019 #2

Oil Drops More Than 3% After State Secretary Pompeo Says Iran Is Ready To Negotiate About Its Missile Program - "Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress...more

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