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1216. What action did Treasury take on January 10, 2025 with regard to the provision of petroleum services to Russia?
In line with G7 efforts to reduce Russian revenues from energy, on January 10, 2025, Treasury issued a determination pursuant to Executive Order (E.O.) 14071 prohibiting petroleum services to Russia. See The Determination Pursuant to Sections 1(a)(ii), 1(b), and 5 of E.O. 14071, Prohibition on Petroleum Services ("the Petroleum Services Determination"). This determination prohibits the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, to any person located in the Russian Federation of petroleum services. The Petroleum Services Determination will take effect at 12:01 a.m. eastern standard time on February 27, 2025. See FAQ 1217 for additional information.
OFAC expects to issue regulations defining petroleum services to include services related to the exploration, drilling,...
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1) See comment to the 1-10-25 Prohibition on Petroleum Services Determination.