Jeremy Paner Discusses Risks for U.S. Companies Importing Russian Diesel with Reuters
Companies to confront reputational risk and significant legal fees.
Highlights
First Russian diesel cargo bound for the U.S. under an OFAC general license stalls off the East Coast, with its destination still undecided.
Paner says potential legal and reputational risks are giving businesses reason to steer clear of Russian diesel.
Jeremy Paner spoke with Reuters about the risks U.S. companies face for potential involvement in dealings with recently authorized Russian diesel.
A tanker carrying the first cargo of Russian diesel bound for the U.S. has stalled off the East Coast, with its destination still undecided. The U.S. Treasury Department last month issued a general license temporarily permitting imports of Russian diesel into the United States.
Paner said that buyers face significant reputational risks if they engage in such “prohibited but authorized transactions.”
He added that any savings from buying cheaper Russian diesel could easily be wiped out by the need to pay legal fees from likely upcoming congressional investigations.
“It’s a relatively easy call for businesses to say, ‘We don’t want to touch it,’” Paner said.
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