According to relevant reports, the U.S. Treasury Department recently announced that it will allow U.S. companies to continue to conduct energy-related transactions with major Russian banks, including VTB, Sberbank, Alfa Bank and St. Petersburg Bank.
According to relevant U.S. documents, the term "energy-related" refers to oil, natural gas, coal mines, wood or agricultural products used to make biofuels, as well as other nuclear energy, thermal energy, renewable energy and other related products.
Yes, wood products are included!
According to previous executive orders issued by the U.S. government, these operations fall within the scope of sanctions and are prohibited.
After the outbreak of the Russia-Ukraine war, the U.S. government issued an executive order in 2022 banning transactions with Russian banks and kicked Russia out of the international payment system (SWIFT).
However, in December 2023, the United States issued a temporary license to allow energy transactions with some Russian banks before May this year. At the end of April, before the executive order expired, the United States extended the license to November this year. In fact, the U.S. energy sanctions against Russia have not been strictly implemented.
The Associated Press reported in August 2022 that at least 3,600 shipments of wood, metal, rubber and other cargo arrived at U.S. ports from Russia that month. This is a significant decrease compared to the same period in 2021, when approximately 6,000 shipments arrived, but the average monthly trade volume still exceeds US$1 billion.