OFAC license for energy sector financing operations with sanctioned entities from Russia again extended, now through May

MOSCOW. Oct 25 (Interfax) - The general license permitting energy sector financing transactions with Russian entities subject to U.S. sanctions has again been extended, now through May 1, 2024, according to the website of the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC).

The current OFAC license expires on November 1. It authorizes energy financing transactions with Sberbank , VTB , Otkritie Bank, Alfa Bank, Rosbank , Zenit Bank, Bank Saint Petersburg , Sovcombank or their subsidiaries, as well as VEB and the Central Bank of Russia.

The term "energy" for the purposes of this license includes both the production/transportation/liquefaction of oil or gas and the production of other energy sources, including coal, uranium and renewables.