14 Jun 2022 18:04

OFAC license for energy financing operations with Russian entities subject to U.S. sanctions extended for nearly six months

MOSCOW. June 14 (Interfax) - The general license that allows conducting energy financing operations with Russian entities that are subject to United States sanctions has been extended for nearly six months.

The updated license is valid until December 5, 2022, as published by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) on Tuesday. In the first edition in February, it was set to expire on June 24.

The license allows energy financing transactions with Sberbank , VTB , Otkritie Bank, Alfa Bank, Sovcombank or their subsidiaries, as well as with VEB and the Central Bank of Russia (CBR).

The concept of "energy" for the purposes of the license includes the extraction, transportation, and liquefaction of oil or gas; as well as the production of other energy sources, including coal, uranium, and renewable energy sources.