The US government will continue to allow Russian energy-related transactions until December, not until the end of June as expected, to give European countries time to reduce their imports, as they recently decided to impose a progressive embargo. .
The US Treasury Department “renewed its approval for energy-related transactions to bring our arrangements into line with the European Union’s ban on Russian crude imports,” a spokesman for AFP told AFP.
The exemption from sanctions against Russia would expire on June 24, but was extended until December 5, 2022.
The extension “will allow a smooth transition”, the aim is “to help our large coalition of partners reduce its dependence on Russian energy as we try to reduce the Kremlin’s sources of revenue,” the spokeswoman added.
US oil imports to the US remain banned.
At the end of May, the EU decided to impose a progressive embargo – with exceptions – on Russian oil imports, which would be reduced by two thirds, as part of the sixth package of sanctions against Russia for its invasion of Ukraine.
The cessation of imports of crude oil transported by tankers will be implemented in six months and that of petroleum products in eight months. The supply through the Druzba pipeline, on the other hand, will continue “temporarily”, without a deadline being set. This pipeline mainly supplies three countries that do not have access to the sea (Hungary, Slovakia, Czech Republic).
Tankers transporting Russian oil to third countries can no longer be financed or insured by European companies after six months to prevent a redirection of Moscow’s exports.
The resale of petroleum products will be banned for the next eight months in the EU as well as to third countries.
Russian gas, on which Europe is heavily dependent, is currently not sanctioned by Brussels.
SOURCE: AMPE
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
