Order Prohibits the Import of Oil, Gas and Coal

Mar 10, 2022

On 8 March 2022, U.S. President Joe Biden signed an executive order prohibiting the import of oil, liquefied natural gas and coal from Russia as a further punitive measure for the ongoing Russian invasion of Ukraine. While Biden warned that gasoline prices in the U.S. are likely to increase further as a result, the Department of Energy has authorized the release of 50 million barrels of oil from its Strategic Petroleum Reserve in order to alleviate price increases. According to the Energy Information Administration, approximately 8% of total U.S. imports of petroleum products come from Russia.

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