US Extends License for Russian Oil Shipments Loaded Before Mid-April

The US Department of the Treasury has extended a general license permitting transactions related to Russian crude oil that was loaded onto vessels by April 17. The updated license, published by the Office of Foreign Assets Control (OFAC), replaces a previous version dated March 19.

The authorization specifically covers the offloading, sale, and transport of this oil. However, the license explicitly states that it does not apply to any transactions involving Iran, its government, or goods and services of Iranian origin.

This move follows a temporary authorization issued in March for deals involving Russian oil already at sea. At that time, US Treasury Secretary Scott Bessent announced the measure as an effort to stabilize markets disrupted by conflict with Iran. That initial license was set to expire on April 11.

Secretary Bessent has previously estimated that exempting this specific Russian oil from sanctions could add hundreds of millions of barrels of crude to global markets. Prior to these general licenses, the US had also granted India permission to purchase Russian oil already loaded on tankers at sea.