OFAC Issues General License 134 Authorizing Temporary Wind‑Down For Certain Russian Oil Cargoes

On March 12, 2026, OFAC issued General License 134 ("GL 134"), creating a narrow authorization for the sale, delivery, and offloading of Russian‑origin crude oil and petroleum products that were already loaded onto vessels on or before 12:01 a.m. EDT, March 12, 2026. This authorization remains in effect only until 12:01 a.m. EDT, April 11, 2026.

GL 134 is seemingly designed to prevent immediate disruptions in the global oil supply chain by allowing the completion of transactions involving Russian‑origin cargoes that were already in transit prior to March 12. OFAC's issuance comes during a period of heightened global energy volatility, with reports noting significant price pressure following intensified conflict involving Iran. Following news reports, those events have contributed to sharply rising oil prices and concerns about supply constraints. See What to Know About the Rising Price of Oil and Its Effects on Airline Ticket Prices - The New York Times.