US temporarily approves energy transactions with major Russian banks

The US Treasury Department has allowed operations with Russian banks, including VTB, Central Bank, Sberbank and Alfa-Bank, for energy-related transactions until 1 November 2024.

Source: Radio Liberty, citing a licence from the US Treasury Department

Details: The banks that have received temporary licences are also named banks, such as Otkritie, Sovcombank, Rosbank, VEB.RF, Zenit Bank, and Bank Saint-Petersburg. 

The department’s resolution clarified that transactions related to the extraction, production, processing, liquefaction, transportation, or purchase of oil and a range of other energy resources, including LNG, timber, coal, and uranium, would be considered energy-related. 

The licence also allows transactions with Russian banks associated with the production, supply, or exchange of energy in any form.

Background:

Some Russian banks are likely trading gold in the United Arab Emirates and Türkiye to bypass the ban on importing dollars and euros into the country.

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