The Office of Foreign Assets Control (OFAC) has issued General License 134, authorizing the delivery and sale of Russian Federation-origin crude oil and petroleum products loaded on vessels as of March 12, 2026.
The general license, which remains in effect until 12:01 a.m. EDT, April 11, 2026, permits transactions that are ordinarily incident and necessary to the sale, delivery, or offloading of such crude oil or petroleum products. This includes activities such as safe docking and anchoring of vessels, preservation of crew health or safety, emergency repairs or environmental mitigation, and services like vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification, and salvage.
The general license specifically excludes Russian Federation-origin crude oil and petroleum products produced by entities not sanctioned under the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587, or the Ukraine-/Russia-Related Sanctions Regulations, 31 CFR part 589. As such, any parties engaging in Russian oil/petroleum transactions must conduct a close review of this general license and carefully screen involved parties to determine which sanctions program may apply.
Vessel Management and Operations
The general license authorizes various vessel-related activities, including safe docking and anchoring, preservation of crew health or safety, emergency repairs, and environmental mitigation. These activities are crucial for ensuring the continued operation of vessels carrying Russian Federation-origin crude oil and petroleum products. The authorization of these services will enable the safe and efficient delivery of these commodities.
Sanctions Program Considerations
The general license highlights the importance of careful screening of parties involved in Russian oil/petroleum transactions to determine which sanctions program may apply. This is particularly crucial for entities seeking to engage in transactions involving Russian Federation-origin crude oil and petroleum products produced by sanctioned entities. A thorough review of this general license and applicable sanctions regulations will be necessary to ensure compliance with relevant laws and regulations.
Conclusion
The issuance of General License 134 marks an important development in the ongoing efforts to regulate Russian Federation-origin crude oil and petroleum products. The authorization of various vessel-related activities and services will facilitate the continued delivery and sale of these commodities, while emphasizing the need for careful consideration of sanctions programs and applicable regulations. As such, parties engaged in Russian oil/petroleum transactions must carefully review this general license and relevant sanctions regulations to ensure compliance with relevant laws and regulations.
Original Article: OFAC Issues Russia General License Allowing Delivery and Sale of Russian Crude Oil and Petroleum — Thompsonhinesmartrade