US Eases Sanctions on Gazprombank

The US Department of the Treasury has temporarily eased sanctions on Gazprombank, allowing it to conduct transactions tied to nuclear energy, according to the department’s press service.

The general licence issued by the Office of Foreign Assets Control (OFAC) covers nuclear projects that started before November 21, 2024. However, it does not apply to the Paks II Nuclear Power Plant project in Hungary, overseen by Rosatom.

OFAC later clarified that the licence applies to civil nuclear energy. Transactions involving uranium mining and processing, nuclear fuel supplies, waste sales, electricity generation, and nuclear power plant construction can now go through the bank.

Reports suggest that Turkey pushed for the sanctions relief, as it continues building the Akkuyu Nuclear Power Plant. Rosatom, the state-owned corporation, is both the general contractor and future operator of the plant.