This update concerns US sanctions policy on Russian energy commodities and has no connection to payment systems, payment services, or payments regulation.
While the update involves cross-border transactions, it addresses commodity trade sanctions rather than payment service regulation or cross-border payment infrastructure.
Specialism
The update explicitly concerns OFAC's issuance of a Russia-related general license authorizing specific transactions, which directly involves sanctions screening and restrictive measures on Russian-origin commodities.
Low confidence — requires human review. While the license involves transaction authorization and compliance obligations, the update lacks explicit payment firm targeting or payment-specific controls; it is primarily a commodity trade authorization affecting entities with U.S. sanctions jurisdiction.
2026-03-13 16:01:10·pdonofrio@vixio.com
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TITLE: United States Treasury Department Issues Russia-Related General License for Crude Oil and Petroleum Products
BODY:
On March 12, 2026, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Russia-related General License 134, "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 12, 2026."
The general license permits the delivery and sale of crude oil and petroleum products originating from the Russian Federation, provided such commodities were loaded on vessels on or before March 12, 2026. This authorization allows transactions involving Russian crude oil and petroleum products that were in transit or staged for delivery as of the issuance date. The license applies to entities subject to U.S. sanctions jurisdiction, including U.S. persons and foreign entities engaging in transactions with U.S. nexus.
This general license represents a targeted regulatory approach to energy commodity trade, permitting the completion of transactions for Russian-origin crude oil and petroleum products while maintaining broader sanctions frameworks. The authorization is limited to products loaded on vessels as of the specified date, meaning new shipments loaded after March 12, 2026, would not fall within the scope of this license unless separately authorized.
Entities engaged in crude oil and petroleum product transactions involving Russian-origin commodities should review the full terms of General License 134 and consult OFAC guidance to ensure compliance with all applicable sanctions requirements.
**Reference:**
Office of Foreign Assets Control, U.S. Department of the Treasury. "Issuance of Russia-related General License." March 12, 2026. https://ofac.treasury.gov/