Lawmakers Warn Banks Over Russian Diesel Transactions

A bipartisan group of U.S. lawmakers has warned banks, port authorities and fuel distributors not to facilitate Russian diesel transactions, arguing that imports could violate federal law and expose companies to legal action. The lawmakers also asked recipients to preserve records for possible congressional oversight and confirm by October 28 that they are doing so. The letter went to the chief executives of six major banks: JPMorgan Chase, Bank of America, Citi, Wells Fargo, Goldman Sachs and Morgan Stanley. Port authorities in Texas and New York and New Jersey, along with fuel-industry groups, also received the request. Recipients were asked to disclose whether they knew of or had participated in proposed or completed Russian diesel transactions. The lawmakers said companies should not purchase, transport, import, unload, store, finance or distribute Russian-origin diesel in the United States unless applicable legal requirements have been met. They argued that knowingly buying the fuel or facilitating its importation could result in civil or criminal penalties, though the letter does not establish that any recipient has violated the law. The dispute follows President Donald...