US sanctions relief on Russian oil following the war in the Middle East

On 12 March 2026, OFAC issued General License no. 134 authorising the delivery and sale of crude oil and petroleum products of Russian origin. As further set-out in the General License, all transactions prohibited by the specified Executive Orders that are ordinarily incident and necessary to the sale, delivery, or offloading of crude oil or petroleum products of Russian origin loaded on any vessel, including vessels blocked under the above listed authorities, on or before 12 March 2026 are authorised until 11 April 2026.

Transactions that are ordinarily incident and necessary to the sale, delivery, or offloading of such crude oil or petroleum products include transactions for: 

• the safe docking and anchoring of vessels carrying such crude oil or petroleum products;
• the preservation of the health or safety of the crew of any such vessel;
• emergency repairs or environmental mitigation or protection activities relating to any such vessel, and
• services such as vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification, and salvage.

It is also further detailed in General License no. 134 that Russian origin crude oil and petroleum products include those produced by sanctioned entities. 

The General License does not authorise any other transactions or activities prohibited by executive orders not referenced in the general license. 

Treasury Secretary, Scott Bessent, stated in a Post on X on the 13 March 2026 that the measures are part of President Trump's "decisive steps to promote stability in global energy markets". Bessent argues that, as the waiver only applies to oil already in transit, it will not cause a significant increase in the energy revenue of the Russian government, which mainly derives from taxes assessed at the point of extraction. 

The waiver follows General License no. 133, issued on 5 March 2026, which authorises the delivery and sale of crude oil and petroleum products of Russian origin loaded on vessels as of 5 March 2026 to India. 

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WR Sanctions Alerts provide you with updates on material developments in the country-specific sanctions programmes implemented by the US, the UN, the UK, the EU and Norway. We will not provide updates on mere prolongations, without material changes, of existing sanctions programmes, nor on any listings or de-listings of individuals/entities placed on implemented sanctions lists. Please note that the WR Sanctions Alerts are provided as general information and do not constitute legal advice.