US Authorizes Transactions Related To Imports Of Russian Oil To Some EU States - Treasury

WASHINGTON (UrduPoint News / Sputnik - 23rd November, 2022) The United States has authorized transactions related to the importation of Russian oil into Bulgaria, Croatia, or any landlocked member of the European Union, the US Treasury Department said in an updated guidance.

"GL (General License) 56 authorizes certain transactions related to the importation of Russian oil into the Republic of Bulgaria, the Republic of Croatia, or landlocked European Union member states as described in Council Regulation (EU) 2022/879 of June 3, 2022," the guidance said on Tuesday.

The EU regulation, adopted in June, contained several exemptions with respect to Bulgaria, Croatia and any landlocked EU member states, which have been incorporated in the newly published US guidance on the implementation of the price cap policy on Russian crude oil.

Specifically, Bulgaria was authorized to execute deals concluded before June 4 contracts for the purchase, import, or transfer of seaborne crude oil and petroleum products from Russia between December 5, 2022 and December 31, 2024.

Croatia was authorized to purchase, import, or transfer of vacuum gas oil originating in Russia, if no alternative supply of vacuum gas oil is available, between February 5, 2023, and December 31, 2023.

Starting December 5, the EU also licensed any landlocked member of the bloc to purchase Russian seaborne oil if the supply of crude oil by pipeline from Russia is interrupted until the supply is restored or until the Council of the EU rules to terminate this exemption.