PRECIOUS METALS

US Treasury exempts energy payments

The US Treasury has stressed that payments for Russian energy supplies are permitted under US sanctions imposed against Russia for its invasion of Ukraine on February 24.

Biden allows Russian energy payments

Biden allows Russian energy payments

"Treasury remains committed to permitting energy-related payments — ranging from production to consumption for a wide array of energy sources — involving specified sanctioned Russian banks," Treasury said.

Russia's key exports of crude oil, gas and refined products have not been directly impacted by US or other sanctions or the exclusion of Russian banks from the global Swift financial messaging system.

Permission to allow payments for Russian energy supplies was "to help protect Americans, partners, and allies from higher energy prices that would drive more resources to Russia," Treasury said.

Allowiing payments for energy supplies are in stark contrast to the impact of US, EU, UK and other international sanctions on companies with energy interests in Russia.

Energy firms BP, Shell and ExxonMobil are amongst firms that have announced they will divest from Russia because of coordinated sanctions.

US and other sanctions have also resulted in the suspension of trading in Russian mining stocks listed on international stock exchanges.

Some mining firms with operations in Russia have had to halt operations in light of US and other sanctions against Moscow.

Canadian-based miner Kinross Gold on March 2 said it was suspending all activities at its Russian Kupol mine and at its Udinsk mine development in order to adhere to sanctions and legal restrictions.

But Treasury repeated energy payments are and will continue to be allowed.

"While current circumstances and the dangers from Russia's war in Ukraine may lead entities and individuals to make their own risk assessments and business decisions, Treasury is making clear that sanctions will not block energy payments".

US President Joe Biden has made it a key economic policy priority to reduce inflation, including the domestic price of gasoline. 

The EU relies heavily on Russian gas exports.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.