US companies face deadline to end oil extraction in Russia

The United States has officially enforced a ban on American companies providing oil extraction services within Russia.

This restriction, first announced by the US Treasury Department on January 10 as part of a new package of sanctions against Russia, came into effect on February 27, 2025, Caliber.Az reports via foreign media.

The sanctions include a deadline for businesses to terminate any cooperation with Russian firms by this date.

However, several exceptions have been made, notably for the Caspian Pipeline Consortium (CPC), Tengizchevroil, and the Sakhalin-2 project, which are permitted to continue their operations until June 28, 2025, under their current licences.

In recent development, US Secretary of State Marco Rubio assured European allies that the Trump administration would maintain sanctions on Russia until a resolution to the Ukraine conflict is reached, according to sources familiar with the matter. Rubio made these comments during a call with European counterparts on Tuesday, following a meeting with Russian officials in Saudi Arabia earlier in the day.

The reassurance may ease concerns among European allies who feared the US might strike a deal with President Putin, potentially lifting sanctions imposed by the Biden administration in 2022. Many of these sanctions were implemented in collaboration with Europe, and an early US decision to lift them could undermine Europe's efforts to deny Russia funding for its war.

A State Department spokesperson declined to comment on Rubio’s remarks, but a readout of his call highlighted continued collaboration among allies to achieve a lasting resolution to the Ukraine conflict. Rubio stressed that any agreement would require concessions from all sides, with the aim of ensuring a fair and sustainable peace.

By Aghakazim Guliyev