The US Treasury Department extended transactions with official Russian banks for energy settlements, according to a document dated April 29 and signed by the director of the Office of Foreign Assets Control, Bradley T. Smith.
The Treasury Department issued General Licence 81 authorising “transactions related to energy” previously prohibited by Executive Order (EO) 14024. The authorisation would be “valid until November 1, 2024, unless renewed”, the Treasury announced.
The term “related to energy” means “the extraction, production, refinement, liquefaction, gasification, regasification, conversion, enrichment, fabrication, transport, or purchase of petroleum, including crude oil.”
The definition also implies “lease condensates, unfinished oils, natural gas liquids, petroleum products, natural gas, or other products capable of producing energy 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.”
The list includes the Central Bank of Russia, Vnesheconombank, Otkritie Bank, Sberbank of Russia, VTB Bank, Alfa-Bank and other major banks of the country.
Since the outbreak of the war in Ukraine in February 2022, the US Treasury Department imposed numerous sanctions against Russian individuals and financial organisations. On February 23, 2024, the US also announced sanctions against “more than 500 targets”, which was announced by Deputy US Treasury Secretary Wally Adeyemo. Ahead of the war anniversary, the EU approved the 13th package of sanctions against Moscow.
However, Focus reported in March that the restrictions imposed on Russia had not achieved the desired result.
