US Sanctions on Russian Oil: GL 134C and the Logic of Temporary OFAC Licenses
On May 18, 2026, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) issued General License 134C (GL 134C), replacing the expired GL 134B. The new license extends the authorization for certain transactions involving Russian-origin crude oil and petroleum products already loaded on vessels. GL 134C is the latest link in a series of temporary exemptions from US...