On 12 March, the Office of Foreign Assets Control (OFAC) issued General License No. 134, granting a short-term waiver that permits, until 11 April 2026, all transactions ordinarily incident and necessary to the sale, delivery, or offloading of crude oil and petroleum products of Russian origin previously stranded under sanctions. The move, framed as a response to the closure of the Strait of Hormuz and the resulting disruption to global oil supply, marks a significant, if temporary, shift in US sanctions policy towards Russia. For more details, including on the exception to the above-mentioned waiver, please read the full text of the General License (link).
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