IBIA joins others in condemning Russia’s invasion of Ukraine and decided to suspend all services to Russian members of the Association until further notice.
BIA noted the widespread international condemnation of Russia’s hostile actions in Ukraine, as well as the imposition of significant sanctions against Russia and Russian interests by a large number of countries.
Taking the above into consideration, it urged all members to be vigilant in all their business transactions to ensure they are not in breach of any applicable sanctions.
Our thoughts are with the people of Ukraine, and we support international calls for hostilities to cease immediately to allow peace to return to the region as soon as possible
Earlier, in a major move, U.S. President Joe Biden imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, amid strong support from American voters and lawmakers, even though the move will increase U.S. energy prices.
The ban goes into effect immediately, but gives buyers 45 days to wind down existing contracts, a senior administration official told reporters.
According to Reuters, the move also bans new U.S. investment in Russia’s energy sector, and prohibits Americans from taking part in any foreign investments that flow into the Russian energy sector.
Furthermore, Shell stopped buying Russian crude, aiming to phase out its involvement in all Russian hydrocarbons from oil to natural gas over Ukraine.
Moreover, British rival BP said last month it was abandoning its 19.75% stake in Russian oil giant Rosneft in an move that could cost it up to $25 billion. In a similar mover, TotalEnergies stopped buying oil from Russia, although one of its landlocked refineries in Germany continued to receive Russian crude by pipeline.