US allows energy transactions with sanctioned Russian banks

Certain limited activities have been authorized until December 5, the Treasury Department says

The US Treasury Department on Tuesday issued a general license authorizing energy-related transactions with sanctioned Russian banks until December. The previous permit was due to expire on June 24.

According to the document, published on the department’s website, transactions will be allowed with Vnesheconombank, Otkritie, Sovcombank, Sberbank, VTB, Alfa-Bank, and the Central Bank of Russia.

“For the purposes of this general license, the term ‘related to energy’ means the extraction, production, refinement, liquefaction, gasification, regasification, conversion, enrichment, fabrication, transport, or purchase of petroleum,” the statement reads.

This includes crude oil, lease condensates, unfinished oils, natural gas liquids, petroleum products, natural gas, or other products capable of producing energy, it states.

Also included in this category is coal, wood, or agricultural products used to manufacture biofuels, or uranium in any form, as well as the development, production, generation, transmission, or exchange of power, through any means, including nuclear, thermal, and renewable energy sources.

Washington has imposed sanctions on Russia’s largest banks, freezing any assets “touching the US financial system” and prohibiting Americans from conducting business with them.

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