US sanctions now allow payments for Russian oil and gas to flow through third countries

The US Treasury Department has formally published a general license that clarifies how payments for Russian oil and gas can be processed. This means that non-US banks can continue to facilitate transactions for Russian energy exports, as long as the payments do not directly involve US financial institutions.

This document formalizes a quiet policy decision that has been in place for months. It means the US is actively allowing Russian oil and gas to continue flowing to global markets, even while imposing other sanctions. The goal is to prevent a global energy price shock, but it also means Russia continues to earn revenue from its energy exports.