Waiting for the heat: why the US lifted some of the sanctions on Russian banks
The United States lifted some of the sanctions on Russian banks. The list includes large organizations, including Gazprombank, Sber, VTB, Alfa-Bank and others. The United States has allowed these banks to conduct operations in the field of civilian nuclear energy. The strengthening of relations between Russia and the United States in this area is no coincidence, as it is going through difficult times, experts remind. However, it is premature to talk about an improvement in the political and economic situation. Izvestia learned what the easing of anti-Russian sanctions would lead to.
The policy of mitigation
The U.S. Office of Foreign Assets Control has authorized certain transactions with the Russian Federation related to civilian nuclear energy. This is reported on the website of the Ministry of Finance of the country.
All transactions in this direction, previously prohibited by the President of the United States, are allowed until June 18, 2026. The list of organizations from which sanctions have been lifted includes Gazprombank and the state corporation VEB.Russian Federation, Otkritie Bank, Sovcombank, Sber, VTB, Alfa-Bank, Rosbank, Zenit Bank, Bank Saint Petersburg, National Clearing Center (NCC) and the Bank of Russia.
In addition, restrictions are lifted from any legal entities whose owners directly or indirectly own 50% or more of the shares of all the above-mentioned companies.
The document clarifies that the wording "related to civil nuclear energy" should be understood as transactions carried out solely to support or facilitate civil nuclear projects initiated before November 21, 2024.
It is still prohibited to open or maintain correspondent accounts or accounts for payments in sanctioned Russian organizations.
An urgent need
Strengthening relations between Russia and the United States in the field of nuclear energy is no coincidence, says Inna Litvinenko, Associate Professor of Economics and Management at the Russian State University of Social Technologies. This industry in the United States is not living the best of times, being in a state of degradation, she points out. And this situation has been observed for several years.
According to the HEU–LEU ("Megatons to Megawatts") agreement, which was in force from 1993 to 2013, Russia depleted weapons-grade uranium to low enrichment and supplied it to the United States, recalls political scientist Ilona Mizova. This agreement had negative consequences for the industry of the States. In particular, American enrichment plants could not compete with cheap Russian fuel and practically stopped their work by the early 2000s.
— After the completion of the contract in 2013, the United States was left with an atrophied own industry, but with a continuing habit of purchasing Russian enrichment services on a commercial basis. This has created today's strategic dependence on foreign supplies. To some extent, the United States has been "sitting on the needle" of our supplies all this time," the Izvestia interlocutor notes.
A complete embargo would immediately paralyze about 20-25% of American nuclear generation and undermine climate goals, she said, recalling that nuclear energy in the United States is officially recognized as key to energy transition and decarbonization.
It should also be borne in mind that peaceful nuclear energy includes research in the field of nuclear physics, maintenance of nuclear power plants, and certain types of research on nuclear-fueled naval vessels, says lawyer and economist Yuri Kapshtyk. This is comparable to the participation of different countries in space programs, he believes.
— Cooperation in these areas has not stopped, despite the imposition of sanctions. However, due to restrictions, a situation has arisen where obligations cannot be fulfilled properly," the expert explains.
At the same time, the US authorities plan to actively develop artificial intelligence and become a leader in the field of crypto exchanges, and for all this energy is needed, including nuclear power plants, adds Litvinenko. In this regard, in May 2025, US President Donald Trump issued a number of decrees on the revival of nuclear energy in the country. The United States is making ambitious plans to increase electricity generation, increasing it from 100 to 400 thousand gigawatts per year by 2050, the economist draws attention.
— These are huge numbers. And, of course, to achieve this goal, we need the joint efforts of several countries and the use of already developed technologies. And Russia is one of the leading countries in this matter," the Izvestia interlocutor is convinced.
The United States depends on Russian supplies of enriched uranium and isotopes for medicine and industry, so a temporary permit for transactions with Russian banks is a sign of pragmatism in negotiations and a clear indication of the flexibility of sanctions pressure, said Anna Fedyunina, associate professor at the Faculty of Economics at the National Research University Higher School of Economics.
However, the United States has already launched a large-scale program to restore sovereignty in the fuel cycle. However, they are in a period of high vulnerability until new facilities are built, says Mizova. The sanctions exceptions made, in her opinion, are a "crutch" for this transition period.
— The purpose of the new general license is to prevent a crisis, gain time to develop its own facilities and fulfill old contracts. Washington's strategic course is aimed at completely getting rid of this dependence in the next 5-10 years. The nuclear power industry is receiving unprecedented financial and political support — the country is actively investing in the revival of national enrichment and increasing pressure on allies to diversify supplies, the expert explains.
In the future, the United States may take a number of actions aimed at withdrawing from cooperation with the Russian Federation. Among them, the political scientist highlights the financing and acceleration of internal projects. At the same time, the US Congress may even pass a law on a complete ban on Russian uranium, she does not rule out. However, the transition period will be long — until 2028-2030.
— The decision on the GL 115C license is a tactical pause in a strategic confrontation. It demonstrates the limits of the tool of total sanctions in a high-tech and interconnected world. For Russia, this confirms the strength of its position in the nuclear energy sector, but it is not a reason for optimism in general relations with the West," Mizova believes.
A technical measure
Another reason for the partial withdrawal of the United States is geopolitical, Inna Litvinenko notes. It is connected with the desire of the United States to accelerate the movement towards a peaceful settlement of the Ukrainian conflict.
"The United States, seeing the seriousness of the Russian side in terms of this settlement, makes it clear that they are ready to build and strengthen long—term ties with Russia," the Izvestia interlocutor points out.
The decision of the American Ministry of Finance can be considered the result of systematic and consistent work that Russia and the United States are conducting in parallel with the main diplomatic track of resolving the Ukrainian crisis, Anna Fedyunina agrees.
"For the current US administration, despite its rigidity in negotiations, the implementation of economically beneficial and strategically sustainable projects remains a priority," she draws attention.
Besides, the lifting of restrictions is a signal to third countries, the economist is sure. This is how the United States demonstrates its readiness for dialogue and mutually beneficial cooperation with Russia.
Meanwhile, Ilona Mizova believes that it is not worth considering the partial lifting of sanctions as a political concession or a strategic victory for the Russian Federation. She believes that the easing of restrictions is only a technical measure necessary to ensure the energy security of the United States.
On the political plane, the partial lifting of sanctions will not have much effect on relations between Russia and the United States, the political scientist expects.
— The adopted measure does not mean a softening of the position on Ukraine or other issues. In Washington, it is seen as an annoying necessity, and not as a basis for dialogue," the expert says.
To date, it is too early to talk about a warming of relations between the two countries or an improvement in the economic situation, confirms Yuri Kapshtyk.
"It's just bringing existing programs to a working state," he clarifies.
The US decision will not lead to a significant economic effect, since nuclear energy is a separate area for which an exception to the rules has been made, the economist explains.
— All other sanctions remain in place. And there will be no economic profit here as such, sanctions have been lifted only for mutual settlements on joint projects," Kapshtyk recalls.
However, Litvinenko does not rule out that such dynamics may nevertheless indicate a further warming of relations between Russia and the United States, not only at the level of the presidents and administrations of the Kremlin and the White House, but also at the level of Russian and American companies. In the future, according to her, such dynamics may lead to the restoration of large-scale investment projects in the field of production.
"Most likely, after the lifting of sanctions in the field of nuclear energy, we may see the lifting of sanctions in the field of certain types of products or resources that are needed for US production,— admits the Izvestia interlocutor.
Other exceptions may follow the nuclear power industry, confirms Fedyunina.
"Flexible sanctions are a sign of a pragmatic approach that leaves room for dialogue and mutually beneficial cooperation, as opposed to rigid, continuous restrictions that always lead to mutual harm," she emphasizes.
The US decision shows that complete economic isolation in the modern world is an extremely complex tool that has the opposite effects even for the initiator, Mizova draws attention to.
— And the most important thing now is that Russia competently and visionarily takes advantage of the current situation. It is important to consider it as a trump card for global trade, being well aware of its temporary nature and creating new advantages," the political scientist concludes.
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