Washington allows some Russian energy transactions until May

The US Treasury said Thursday that the US will allow some energy-related transactions with several Russian entities, such as Sberbank, VTB and Alpha, to continue until May 14.

The ministry said in a notice on its website that it would extend a general license that was due to expire next month, Reuters reported.

The US Treasury has clarified that energy resource transactions include agreements related to the extraction, production, refining and liquefaction of energy resources, the fuel industry, and the transportation or purchase of hydrocarbon materials, including crude oil, natural gas, condensate gas, petroleum derivatives and other energy resources.

This move comes weeks before entry in force of the G7 cap on Russian oil prices on 5 December.

The United States has imposed sanctions on the Russian energy sector and major Russian banks against the backdrop of the Russian invasion of Ukraine, which began last February.

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