Treasury Eases Sanctions for Russian Banks in Hungarian Nuke Deal
Published Date: 1/20/2026
Rule
Summary
The U.S. Treasury just made it official: certain business deals linked to Hungary’s Paks II nuclear power plant and some big Russian banks are now allowed, even though they were usually banned. This change, effective since November 21, 2025, lets companies work on this project without breaking sanctions, opening doors for specific financial moves involving major Russian banks. If you’re involved in these transactions, keep an eye on the rules to stay in the clear!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Sanctions Authorization for Paks II Deals
GL 132, issued November 21, 2025, authorizes transactions otherwise prohibited by Executive Order 14024 that involve the Paks II civil nuclear power plant project in Hungary. The license specifically authorizes transactions involving one or more of these listed entities: Gazprombank; Vnesheconombank (VEB); Otkritie; Sovcombank; Sberbank; VTB; Alfa-Bank; Rosbank; Bank Zenit; Bank Saint-Petersburg; the National Clearing Center (NCC); any entity 50%+ owned by those persons; and the Central Bank of the Russian Federation.
Key Transactions Remain Prohibited
GL 132 does not authorize certain activities: (1) opening or maintaining a correspondent or payable-through account for or on behalf of any entity subject to Directive 2 under E.O. 14024; (2) any debit to an account on the books of a U.S. financial institution of the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance; and (3) transactions involving other blocked persons under 31 CFR part 587 unless separately authorized.
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