U.S. Extends Russian Oil Wind-Down License Despite Earlier Pledge to Let It Expire

The U.S. Treasury Department has quietly extended its sanctions wind-down authorization for Russian oil cargoes already at sea, issuing a new general license that allows shipments to continue flowing through mid-May—despite prior signals that the waiver would not be renewed.

The Office of Foreign Assets Control (OFAC) on April 17 issued General License 134B, authorizing transactions necessary for the delivery and sale of Russian-origin crude oil and petroleum products loaded onto vessels on or before that date. The license remains in effect until May 16, 2026, replacing the previous authorization that expired on April 11. 

The move marks the latest extension in