Microsoft Outlook does not have a feature that allows you to paste multiple e-mail addresses from the clipboard and make a distribution list. Usually, this process is done by manually writing one address after another in the distribution list editor or by choosing the individual recipients. 

Sub Creating_Distribution_Lists()         
Dim Message$, Name_of_the_list$, Addresses$, x&
    Message = "Paste e-mail addresses separated by '';''"
    Addresses = Trim(InputBox(Message, "Creating Distribution Lists"))
    If Len(Addresses) > 0 Then
		On Error GoTo error
        If InStr(1, Addresses, ";") > 0 Then

            Message = "Provide a name for the new Distribution List." & vbCr _
            & "All correct addresses will be included in the list."
            Name_of_the_list = Trim(InputBox(Message, "Creating Distribution Lists "))
            Name_of_the_list = Replace(Name_of_the_list, ";", " ")
            Name_of_the_list = Replace(Name_of_the_list, "(", vbNullString)
            Name_of_the_list = Replace(Name_of_the_list, ")", vbNullString)

            If Len(Name_of_the_list) = 0 Then GoTo no_name_given

            Dim oContactFolder As MAPIFolder
            Dim oDistList As DistListItem
            Dim oMailItem As MailItem
            Dim oRecipients As Recipients
            Dim oRecipient As Recipient

            oContactFolder = Application.GetNamespace("MAPI").GetDefaultFolder(olFolderContacts)
            oDistList = oContactFolder.Items.Add(olDistributionListItem)
            With oDistList
                .DLName = Name_of_the_list
                .Save()
            End With

            oDistList = oContactFolder.Items(Name_of_the_list)
            oMailItem = Application.CreateItem(olMailItem)
            oRecipients = oMailItem.Recipients

            Dim temp() As String, abc&
            abc = 0
            temp() = Split(Left$(Addresses, Len(Addresses) - 1), ";")
            While (abc <= UBound(temp()))
                If temp(abc) Like "*@*.*" Then
                    oRecipients.Add(temp(abc))
                    x = x + 1
                End If
                abc = abc + 1
            End While

            oRecipients.ResolveAll()

            If x > 0 Then
                With oDistList
                    .AddMembers(oRecipients)
                    .Save() '<-if you want to save
                    .Display(0) '<-If you want to display
                End With
            Else
                oDistList.Delete()
            End If

            oDistList = Nothing
            oMailItem = Nothing
            oRecipients = Nothing
        Else
lack_of_at_least_2:
            MsgBox("Distribution List has not been created." & vbCr _
            & "To create a Distribution List you need to paste " & vbCr _
            & "at least 2 e-mail addresses separated with '';''.", vbExclamation, " Information about error ")
        End If
    Else
        GoTo lack_of_at_least_2
    End If
    Exit Sub
no_name_given:
    MsgBox("Distribution List has not been created." & vbCr _
    & "To create a Distribution List you need to" & vbCr _
    & "give a name for the group of recipients.", vbExclamation, " information about error ")
    Exit Sub
	error:
    MsgBox("Procedure error: ''Creating_Distribution_Lists''" & vbCr _
    & Err.Number & vbCr _
    & Err.Description, vbExclamation, "Information about error ")
End Sub