On 5 March 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Russia‑related General License 133, authorising a narrowly defined set of transactions involving Russian‑origin crude oil and petroleum products destined for India.

View the full General License here.

It is important the EU and UK Price Caps and other relevant sanctions legislation remain unchanged.

What the licence permits:

General License 133 authorises transactions otherwise prohibited under U.S. Russia sanctions that are necessary for the delivery, sale, or offloading of:

  • Crude oil or petroleum products of Russian Federation origin

  • Loaded on vessels as of 5 March 2026

  • Delivered to ports in the Republic of India

  • Where the purchaser is an entity organised under Indian law

The authorisation applies only for a limited period, expiring in early April 2026, and is framed by U.S. authorities as a short‑term, exceptional measure.

Scope of services covered

The licence also authorises the provision of ancillary maritime and operational services ordinarily required to complete an authorised voyage. This includes, among other things, port services, bunkering, crewing, insurance, classification, and actions necessary for vessel safety, crew welfare, or environmental protection, where these activities are directly related to an otherwise authorised transaction.

Policy rationale

U.S. Treasury officials have described General License 133 as a deliberately time‑limited waiver, intended to prevent disruption to global energy markets and to allow oil already committed to trade to reach its destination, without materially increasing revenues to the Russian state.

The measure was issued against the backdrop of severe disruption to shipping flows in the Middle East, including congestion and security risks affecting key maritime transit routes.

Important limitations

  • The licence does not authorise new Russian oil trade beyond its specific terms.

  • It does not lift U.S. sanctions on Russia more broadly, nor does it provide a general exemption for Russian energy exports.

  • Transactions must fall squarely within the wording of the licence; activities outside its scope remain prohibited.

  • The authorisation is time‑bound and will lapse automatically unless extended or replaced by OFAC.

     

    Find out more about ongoing sanctions and Know-Your-Customer challenges through the Baltic Know Your Customer (KYC) Platform. Click here to access today.