New Jersey Governor Warns Ports Not To Accept Russian Diesel

What Sherrill said and why it matters

In a letter dated Monday, Governor Mikie Sherrill cautioned New Jersey port and terminal operators not to receive Russian diesel tied to a Trump administration authorization, and said at least one tanker loaded with the fuel could already be bound for the state.

She pressed operators to refuse docking for those shipments and said New Jersey would lean on its legal and regulatory authority to keep the fuel from coming in through the state.

The legal clash

Sherrill said her warning follows an Oct. 9 license from the Treasury Department's Office of Foreign Assets Control that authorizes certain transactions involving Russian diesel. She contended the administration cannot override Congress's ban unless the president attests that Russia has committed to pull its forces out of Ukraine, and she added that the license should be subjected to congressional review before it takes effect.

"Every port and terminal operator, intermediary, and buyer is on notice: do not help bring illegal Russian diesel into New Jersey," she wrote. Her letter added that any company taking part in an unlawful import could incur penalties matching the value of the goods, which could amount to millions of dollars.

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The politics and your portfolio

A Democrat and one-time Navy helicopter pilot, Sherrill said President Donald Trump was aiding the funding of Russia's war in Ukraine by re-opening access for its fuel to the US market. However you view the fight, regulatory moves like this can change the backdrop for energy trade, which is why it pays to track the policy tape alongside prices.

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