US Temporarily Allows Transactions with Russian Banks in Energy Sector

The US Treasury has permitted transactions with Russian banks, including VTB, the Central Bank, Sberbank, and Alfa Bank, for accounting in the energy sector. According to the license issued by the American department, the ban on operations has been lifted until November 1, 2024. The authorization may also be extended.

The Treasury's license also mentions banks such as Otkritie, Sovcombank, Rosbank, VEB.RF, Zenit, and Saint Petersburg Banks. The ministry clarified that transactions related to the extraction, production, processing, liquefaction, transportation, or purchase of oil and certain other energy resources, including LNG, timber, coal, and uranium, will be considered.

The license also allows transactions with Russian banks related to energy production, supply, or exchange through any means.

The United States began imposing sanctions on Russian banks in 2022 after Russia initiated a special operation in Ukraine.