New US Sanctions Against Russia Impact US Biofuels Companies

摘要

The U.S. federal government has recently imposed sanctions against Russian individuals and companies in response to Russia's military action in Ukraine. These new sanctions may have adverse consequences for U.S. biofuels companies that wish to transact business in Russia or with Russian companies in various industry sectors. In March, President Obama issued three executive orders in response to Russia's military action in Ukraine. In each of these orders, the president blocked all property and interests in property located in the U.S. or in the possession or control of a U.S. company that are owned by certain Russian individuals and entities. This means that no U.S. company may transfer, export, withdraw or otherwise deal in any such blocked Russian property. The property is frozen from use by the Russian individual or entity. Each executive order prohibited any U.S. company from making any contribution or providing any funds, goods or services to or for the benefit of any of the Russian individuals or entities and from directly or indirectly receiving any contribution, funds, goods or services from such Russian individuals or entities. The individuals and entities subject to the executive orders are included in the Office of Foreign Assets Control of the U.S. Department of the Treasury Specifically Designated Nationals List.