US Treasury Department’s OFAC Releases General License 134B for Limited Russian Oil Transactions
The Office of Foreign Assets Control (OFAC), part of the US Treasury Department, has released General License 134B, which permits a restricted set of dealings involving crude oil and petroleum products that come from the Russian Federation. As reported by the Baltic Exchange, this Russia-focused license supersedes and prolongs General License 134A.
GL 134B allows transactions that are normally incidental and required for the sale, delivery, or unloading of Russian-origin crude oil or petroleum items, as long as those items were placed onto ships by 12:01 a.m. EDT on 17 April 2026. This permission is short-term and stays effective until 12:01 a.m. EDT on 16 May 2026.
Key Provisions and Restrictions
The license covers transactions concerning protected cargoes, including those transported on ships that could be subject to blocking under applicable sanctions rules, provided the loading deadline is satisfied. OFAC notes that permissible transactions encompass various supporting activities that are normally incidental and necessary for finishing allowed voyages. These include secure docking and anchoring, maintaining crew health and safety, urgent repairs or environmental protection, plus vessel management, staffing, fueling, navigation, registration, flagging, insurance, classification, and rescue services.
GL 134B does not authorize dealings with individuals situated in or formed under the laws of Iran, North Korea, Cuba, or the Crimea, Donetsk, or Luhansk areas of Ukraine, nor with entities owned or managed by, or in joint ventures with, such individuals. The license also does not supersede restrictions from other US sanctions programs that are not specifically mentioned.
Purpose and Limitations
OFAC characterizes GL 134B as a provisional step designed to facilitate the smooth conclusion of current shipments that were already loaded before the specified cutoff. It does not provide a blanket authorization for fresh Russian oil exports. The license is intended to address specific circumstances and does not signal a change in US policy regarding Russian energy transactions.
The release of General License 134B underscores the ongoing efforts by the US Treasury Department’s OFAC to balance national security concerns with the need to ensure the smooth functioning of global trade. As the international community continues to navigate the complexities of sanctions and countermeasures, this latest development serves as a reminder of the evolving nature of these restrictions and the importance of staying informed about changes in the regulatory landscape.
Original Article: OFAC General License 134B: Authorization for Russian Crude and Petroleum Products Until May 2026 — Indexbox