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US allow certain Russian energy-related transactions until June 24

The United States and other oil consuming countries are also considering releasing up to 70 million barrels of oil from emergency reserves due to alleged concerns over supply amid Russia's military operation in Ukraine,

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Washington: The US Treasury issued a general license on Monday to allow certain energy-related transactions with Russia until June 24, 2022, thus exempting them from Ukraine-related sanctions.

“Except as provided in paragraph (c) of this general license, 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 am eastern daylight time, June 24, 2022,” the Tresuary said.

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The list of sanctioned entities includes Vnesheconombank; Otkritie; Sovcombank; Sberbank; VTB Bank; any entity in which one or more of these entities own, directly or indirectly, individually or in the aggregate, a 50 per cent or greater interest; and the central bank of Russia.

The United States and other oil consuming countries are also considering releasing up to 70 million barrels of oil from emergency reserves due to alleged concerns over supply amid Russia’s military operation in Ukraine,

The Wall Street Journal reported on Monday, citing European and Gulf officials. Members of the International Energy Agency could reach an agreement as early as Monday or Tuesday, the officials said. The move would include 40 million barrels from the US of mostly light grades, the report added. 

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