Gasoline is now at the highest price ever recorded. The average cost of a retail gallon of unleaded gasoline hit $4.173, according to the American Automobile Association, with many regions now far exceeding that price. It is not uncommon to see $5/gal gasoline in many areas.
Against this backdrop, Joe Biden announced today that his administration is banning the import of oil, liquified natural gas (LNG) and coal from Russia. [We do not import LNG or coal from Russia, so that political point is moot.] You can read the executive order HERE.

The executive order also bans any U.S. entity from investing or facilitating the investment of Russian energy development. That section explains why there were earlier reports of Oil companies withdrawing from Russia. They were obviously given a heads up.
The way the order is currently written, and a lot of it has to do with extremely generous interpretations by the U.S. Treasury Dept., it would appear that any energy company currently operating in the U.S. cannot simultaneously be operating in Russia (or be part of the subsidizing and insurance network that supports energy development in Russia). The Treasury interpretations here are fraught with complexity.
The part that matters is boiled down in this section:
(i) the importation into the United States of the following products of Russian Federation origin: crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products;

