diff --git a/CHANGES.md b/CHANGES.md
index 6062ac205c1..1d444369026 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -21,17 +21,14 @@
   magic trailing commas and intentional multiline formatting (#4865)
 - Fix `fix_fmt_skip_in_one_liners` crashing on `with` statements (#4853)
 - Fix `fix_fmt_skip_in_one_liners` crashing on annotated parameters (#4854)
+- Fix new lines being added after imports with `# fmt: skip` on them (#4894)
 
 ### Packaging
 
-<!-- Changes to how Black is packaged, such as dependency requirements -->
-
 - Releases now include arm64 Windows binaries and wheels (#4814)
 
 ### Integrations
 
-<!-- For example, Docker, GitHub Actions, pre-commit, editors -->
-
 - Add `output-file` input to GitHub Action `psf/black` to write formatter output to a
   file for artifact capture and log cleanliness (#4824)
 
diff --git a/src/black/lines.py b/src/black/lines.py
index 7068e4f4cba..09fce3a193d 100644
--- a/src/black/lines.py
+++ b/src/black/lines.py
@@ -695,6 +695,7 @@ def _maybe_empty_lines(self, current_line: Line) -> tuple[int, int]:
             and self.previous_line.depth == 0
             and current_line.depth == 0
             and not current_line.is_import
+            and not current_line.is_fmt_pass_converted(first_leaf_matches=is_import)
             and Preview.always_one_newline_after_import in self.mode
         ):
             return 1, 0
diff --git a/tests/data/cases/preview_fmtpass_imports.py b/tests/data/cases/preview_fmtpass_imports.py
new file mode 100644
index 00000000000..d7ea3883aa4
--- /dev/null
+++ b/tests/data/cases/preview_fmtpass_imports.py
@@ -0,0 +1,21 @@
+# flags: --preview
+
+# Regression test for https://github.com/psf/black/issues/3438
+
+import ast
+import collections  # fmt: skip
+import dataclasses
+# fmt: off
+import os
+# fmt: on
+import pathlib
+
+import re  # fmt: skip
+import secrets
+
+# fmt: off
+import sys
+# fmt: on
+
+import tempfile
+import zoneinfo