As the Ukraine war escalates, President Joe Biden's March 8 executive order that bans imports from Russia of crude oil, certain petroleum products, liquefied natural gas and coal, and also halts new U.S. investments in the country's energy sector—adds a new dimension to already announced moves by American and global energy firms and other corporate giants to leave the country or lighten their footprints.
But the order's provision stating that "Americans will also be prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia" generates new uncertainty about whether U.S. construction sector companies in some energy-linked arenas, including engineers, contractors, equipment firms and technology vendors, may be forced to depart or rescope their work.