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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 11 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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<p>On March 8, 2022, President Joseph Biden signed an <a href="https://home.treasury.gov/system/files/126/eo_prohibitions_imports_investments.pdf" target="_blank" rel="noopener">Executive Order</a> banning the import into the United States of Russian oil, liquefied natural gas, and coal. The Executive Order bans:</p>
<ul>
<li>The importation into the United States of Russian-origin crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products;</li>
<li>New investment in Russia&rsquo;s energy sector by a U.S. person, wherever located; and,</li>
<li>Any approval, financing, facilitation, or guarantee by a U.S. person, wherever located, of a transaction by a foreign person where the transaction by that foreign person would be prohibited if performed by a U.S. person or within the United States.</li>
</ul>
<p>The Department of the Treasury&rsquo;s Office of Foreign Assets Control (OFAC) has issued a related Russia <a href="https://home.treasury.gov/system/files/126/russia_gl16.pdf" target="_blank" rel="noopener">General License (GL) 16</a>, which authorizes until April 22, 2022 certain imports of these oil, LNG and coal products of Russian origin so long as such imports are pursuant to written contracts or written agreements entered prior to March 8, 2022. GL 16 does not authorize entry into new contracts. OFAC also issued <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faq/added/2022-03-08" target="_blank" rel="noopener">several FAQs</a> to aid in the wind-down of deliveries of existing purchases that have already been contracted for.</p>

President Biden Bans Imports of Russian Oil, Liquified Natural Gas and Coal

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