11 Nov 2022 10:24

U.S. extends license for energy-related transactions with several Russian banks until May 15

WASHINGTON. Nov 11 (Interfax) - The United States has extended a license allowing transactions related to energy for Russian banks subject to U.S. sanctions until May 15, 2023.

The license said that "all transactions prohibited by Executive Order (E.O.) 14024 involving one or more of the following entities that are related to energy are authorized, through 12:01 a.m. eastern daylight time, May 15, 2023 [...]."

This applies to state lender VEB, Otkritie FC Bank, Sovcombank, Sberbank , VTB , Alfa Bank, their affiliates, 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, including crude oil, lease condensates, unfinished oils, natural gas liquids, petroleum products, natural gas, or other products capable of producing energy, such as 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," the license said.