U.S. removes anti-Russia sanctions on Karachaganak

The United States has decided to exempt the Karachaganak field development project, the Caspian Pipeline Consortium (CPC) and Tengizchevroil from sanctions against Rosneft and Lukoil, according to General License No. 124B released by the U.S. Department of the Treasury.

According to the document, it authorizes "petroleum services and other transactions related to the Caspian Pipeline Consortium, Tengizchevroil, and Karachaganak projects."

The general license authorizes "all transactions" that are related to the operation of the Caspian Pipeline Consortium, Tengizchevroil, or Karachaganak projects. However, it does not authorize "any transactions for the sale, disposition, or transfer of any interest in the Caspian Pipeline Consortium, Tengizchevroil, or Karachaganak projects," according to the document.

In October, the U.S. Department of the Treasury included Russia’s oil producing companies Lukoil and Rosneft, as well as 34 subsidiaries of those firms, in a new package of US sanctions.