US lifts sanctions on Russian oil despite earlier assurances

The US has lifted sanctions restrictions on the purchase of Russian oil and petroleum products loaded on vessels for 30 days, despite earlier public assurances that the licences would not be renewed.

Source: US Department of the Treasury

Quote: "The US Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 134B, 'Authorising the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of 17 April 2026'."

Background:

• On 13 March, the US lifted sanctions on Russian oil that had been loaded onto tankers at sea at that time. The exemptions were in place until 11 April.
• US Treasury Secretary Scott Bessent later said Washington's easing of sanctions on Russian oil would only bring Moscow "insignificant" revenue of about US$2 billion.
• On 16 April, Bessent said at a White House briefing that the US "will not be renewing the general licence on Russian oil".

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