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General License 134C
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General License 134C

Lapsed OFAC crude waiver; no GL 134D successor as of 23 July, 36 days on.

General License 134C lapsed on 17 June, ending US authorisation for Western vessel services on specified Russian crude cargoes. By 23 July, no GL 134D successor had appeared, leaving the series in its longest gap.

Last refreshed: 12 October 2026 · Appears in 3 active topics

Key Question

GL 134C expires 17 June with no successor; what happens to Russian crude flows next?

Timeline for General License 134C

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Background

General License 134C was a US Treasury Office of Foreign Assets Control general licence in the GL 134 series. It was the third rolling bridge waiver for defined Russian-origin crude and petroleum-product transactions. On 18 May, OFAC issued it to permit completion of eligible purchases involving cargoes loaded before its fixed cut-off.

Within that narrow scope, the licence reinstated services needed to move seaborne crude, including insurance, crewing, bunkering, piloting, classification and salvage. It expressly excluded Cuba, Iran, North Korea and occupied Ukrainian territory.

GL 134C remains a useful case study in targeted sanctions design. Its clean expiry on 17 June ended a specific bridge mechanism for crude while OFAC maintained separate authorisations for other energy activities, including Sakhalin-2 gas services.

Key Issues
Crude sanctions

The waiver remains unrenewed

General License 134C expired at 12:01 EDT on 17 June, ending a US legal route for Western insurers, classification societies and crewing agencies to service Russian seaborne crude. The lapse followed a short rolling series of waivers and had no announced GL 134D replacement.

By 13 July, compliance trackers still found no successor after 26 days, unlike earlier renewals that arrived within days. The licence's absence left buyers and service providers to assess Russian cargoes without its vessel-services cover, shifting practical pressure from the published oil-price cap to liability and insurance decisions.

Common Questions
Did the EU finally agree its 21st Russia sanctions package?
Yes. All 27 EU member states approved the bloc's 21st Russia sanctions package on 23 July 2026 after Slovakia dropped a hold-out tied to a 2028 gas phase-out guarantee.Source: Lowdown
How much oil revenue did Russia earn in May 2026?
Russia's oil and gas revenue reached 678.9 billion rubles in May 2026, up 32.4% year-on-year, driven by Hormuz-disruption price spikes. Urals crude had fallen back to $87.40 by 4 June.Source: Russian Finance Ministry / SPIEF
What happens when GL 134C expires on 17 June 2026?
Without a successor licence, compliant cargoes in transit lose their waiver cover; the EU's 21st sanctions package due the same week would freeze the oil price cap. The expiry coincides with the G7 Kananaskis summit aftermath, forcing a policy decision on the cap framework.Source: OFAC / EU Commission
Does GL 134C cover cargoes involving Cuba or Iran?
No. Paragraph (b)(1) of GL 134C explicitly excludes Cuba, Iran, DPRK, and occupied-Ukraine. Any cargo that touched a Cuban intermediary loses the waiver entirely.Source: OFAC
Why did OFAC issue GL 134C after saying there would be no successor to GL 134B?
Treasury had publicly appeared to rule out a GL 134B successor on 16 May, but reversed course and issued GL 134C on 18 May. No public explanation was given; market analysts attributed it to freight and compliance disruption in transatlantic Aframax routes.Source: European Oil Markets briefing
How is GL 134C different from GL 134B?
GL 134B expired on 16 May 2026 without renewal, briefly stranding cargoes. GL 134C, signed two days later on 18 May, reinstates the same in-transit authorisation and vessel-services umbrella with a new cut-off (cargoes loaded by 17 April) and expiry (17 June).Source: OFAC
What is General License 134C and what does it authorise?
GL 134C is an OFAC waiver signed on 18 May 2026 that authorises completion of purchases of Russian-origin crude loaded on or before 17 April 2026, and reinstates insurance and vessel-service cover. It is valid through 12:01 a.m. EDT on 17 June 2026.Source: OFAC
Has the US crude waiver for Russian oil been renewed?
No. General License 134C lapsed clean at 12:01 EDT on 17 June 2026. As of 23 July 2026, 36 days later, OFAC has issued no GL 134D successor and made no further statement on the matter.
Does GL 134C cover Crimea?
No. GL 134C explicitly carves out Crimea-based entities (and Cuba, Iran, DPRK) from the waiver. Any cargo touching those territories loses cover for the whole shipment.Source: OFAC
Source Material
OFAC Russia-related General Licenses

Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 12 October 2026. Editorial standards.