H.R. 7095: Ending Importation of Laundered Russian Oil Act

This bill, titled the "Ending Importation of Laundered Russian Oil Act," proposes to amend existing legislation regarding the importation of oil and energy products into the United States. The main purpose of the bill is to prohibit the importation of energy products that are produced at refineries outside of the Russian Federation if those refineries use crude oil sourced from Russia. This means that any products classified under chapter 27 of the Harmonized Tariff Schedule that are derived from Russian crude oil will be banned from entering the U.S. market.

Key Provisions

• The bill redesignates a section of the existing "Ending Importation of Russian Oil Act," changing the numbering of sections within that law.
• It specifically states that all energy products made at refineries that utilize Russian crude oil as part of their production process are prohibited from being imported into the United States.
• To enforce this prohibition, the bill provides for amending previous sections of the existing legislation to incorporate the new ban.

Impact of the Bill

The amendment aims to curtail imports that could indirectly benefit Russia by ensuring that U.S. companies cannot import energy products derived from Russian oil, even if processed in refineries located outside of Russia. This is a part of broader efforts to limit economic relations with Russia in response to geopolitical concerns.

Relevant Companies

• PSX - Phillips 66: As a major oil refiner, Phillips 66 may be affected if they are involved in importing energy products that use Russian crude oil in any capacity.
• VAL - Valero Energy Corporation: Valero is also a significant refiner of oil products and may face restrictions if sourcing crude oil from refineries that utilize Russian oil.
• HFC - HollyFrontier Corporation: Another refining company that could be impacted depending on its supply chain and sourcing of crude oil.