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Our Take on International Trade

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U.S. Treasury Renews Russia-related General License Authorizing Transactions Related to Energy

The U.S. Treasury Department's Office of Foreign Assets Control issued General License 8I on April 29, 2024, thereby extending the authorization provided in General License 8H to engage in transactions related to energy involving certain Russian entities.

Under General License 8I, all transactions prohibited by Executive Order 14024 involving one or more of the following entities that are related to energy are authorized, through 12:01 a.m. eastern daylight time, November 1, 2024:

  1. State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank;
  2. Public Joint Stock Company Bank Financial Corporation Otkritie;
  3. Sovcombank Open Joint Stock Company;
  4. Public Joint Stock Company Sberbank of Russia;
  5. VTB Bank Public Joint Stock Company;
  6. Joint Stock Company Alfa-Bank;
  7. Public Joint Stock Company Rosbank;
  8. Bank Zenit Public Joint Stock Company;
  9. Bank Saint-Petersburg Public Joint Stock Company;
  10. Any entity in which one or more of the above persons own, directly or indirectly, individually or in the aggregate, a 50 percent or greater interest; or
  11. the Central Bank of the Russian Federation.

For purposes of General License 8I, “related to energy” means the extraction, production, refinement, liquefaction, gasification, regasification, conversion, enrichment, fabrication, transport, or purchase of petroleum, including crude oil, lease condensates, unfinished oils, natural gas liquids, petroleum products, natural gas, or other products capable of producing energy, such as coal, wood, or agricultural products used to manufacture biofuels, or uranium in any form, as well as the development, production, generation, transmission, or exchange of power, through any means, including nuclear, thermal, and renewable energy sources.

General License 8I (