The exemption was part of the rollout of stringent measures targeting the Russian oil trade
The US Treasury allowed a 60-day waiver for energy-related financial transactions with sanctioned Russian banks to expire on Wednesday, according to multiple news outlets citing officials.
Originally issued by the administration of President Joe Biden on January 10, General License No. 8L provided 12 major Russian financial institutions, including the country’s central bank, limited access to US payment infrastructure.
The grace period was meant to give time to clear remaining transactions as the outgoing government imposed stricter sanctions on Russian oil trade. The escalation of sanctions was reportedly coordinated with Donald Trump’s transition team before he became president, aiming to strengthen his position in negotiations with Moscow.
Upon taking office, Trump initiated talks aimed at normalizing relations with Russia. However, he has also warned of imposing additional sanctions if Moscow is unwilling to compromise regarding the Ukraine conflict.
The Trump administration “remains focused on ending the fighting and fostering negotiations to resolve the war,” an emailed statement from a Treasury spokesperson, quoted by Reuters on Friday, asserted. “We continue to implement our sanctions, which remain one of the levers to facilitate these goals.”
READ MORE:
Investors betting on Russian return to Western markets – Bloomberg
This week, Trump proposed a 30-day ceasefire between Ukraine and Russia after pressuring Kiev to reassess its previous stance that no truce could occur without Western security guarantees. Russian President Vladimir Putin has expressed support for such an initiative, contingent on Ukraine refraining from using the pause to rearm and regroup before resuming hostilities.
You can share this story on social media:
Read the full article here
