U.S. allows some Russian energy-related transactions until Dec. 5

The United States will allow certain energy-related transactions with Sberbank, VTB Bank, Alfa-Bank and several other Russian entities to continue through Dec. 5, the U.S. Department of Treasury said in an online notice on Tuesday. Treasury's Office of Foreign Asset Control said it was extending the general license authorizing the transactions with entities including Russia's Central Bank, Sovcombank, Vnesheconombank, and others. This month, the bloc agreed to a partial embargo on Russian oil and oil products.

The United States will allow certain energy-related transactions with Sberbank, VTB Bank, Alfa-Bank and several other Russian entities to continue through Dec. 5, the U.S. Department of Treasury said in an online notice on Tuesday.

Treasury's Office of Foreign Asset Control said it was extending the general license authorizing the transactions with entities including Russia's Central Bank, Sovcombank, Vnesheconombank, and others. The United States has banned imports of Russian fossil fuels and imposed punitive sanctions on the country for its invasion of Ukraine. But it has allowed bank transactions on Russian oil and gas sent to European countries to continue, to allow those nations time to transition off Russian energy and into alternative sources of fuel and electricity.

The EU has depended on Russia, one of the world's top energy exporters, for about 40% of its natural gas and 27% of its imported oil. This month, the bloc agreed to a partial embargo on Russian oil and oil products.