US Treasury
US federal sanctions authority; OFAC Arm enforces Iran, Russia, and Venezuela programmes across dozens of active instruments.
US Treasury extended Lukoil International sale negotiations on 21 October 2026 through General License 131K. The window runs to 21 November, while completing a sale still requires separate approval.
Last refreshed: 22 October 2026 · Appears in 7 active topics
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Timeline for US Treasury
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Russia-Ukraine War 2026Background
The United States Department of the Treasury manages federal finances, government borrowing, currency and financial policy. Its responsibilities include revenue collection and economic sanctions. The Office of Foreign Assets Control, known as OFAC, administers sanctions programmes within the department.
OFAC designates people and organisations under specific legal authorities, blocking property and restricting transactions within the applicable jurisdiction. General licences permit defined categories of activity that would otherwise be prohibited. Specific licences authorise individual transactions or arrangements. Treasury uses these instruments alongside its wider financial responsibilities, affecting banks, insurers and businesses whose transactions fall within US sanctions rules.
Treasury extends the Lukoil negotiation window
Treasury’s Office of Foreign Assets Control issued General License 131K on 21 October 2026. It permits covered sale negotiations, contingent contracts and maintenance or wind-down activity for Lukoil International GmbH and entities it owns by 50% or more. The permission runs until 12:01 a.m. EST on 21 November.
Treasury retains a separate approval decision over completing any sale. The licence replaces General License 131J and prohibits transfers of funds to people or accounts in Russia. Its negotiation permission therefore leaves both the final transaction approval and the payment restrictions within OFAC’s control. Licence text
Treasury targets shipping intermediaries
On 21 October 2026, Treasury sanctioned Karnakis and Karnakis, a Panama City law firm with a Piraeus office, alongside five Panamanians, three companies and nine ships. The action reached a business registering ship-owning companies. Treasury also issued a safety licence for seven ships lasting until 20 November.
The department had acted against Iranian financial and shipping networks throughout the month. Between 5 and 15 October, it warned foreign banks, designated twenty-two ships and associated firms, and listed exchange houses and offshore banks. Treasury attributed the targeted relationships to Iranian business, using designations against both vessels and the intermediaries handling their ownership or payments.
Treasury narrows Cuba’s banking access
Treasury’s rule effective on 30 September 2026 ended permission for US banks to open or maintain accounts for Cuba’s private entrepreneurs. It also removed group people-to-people travel authorisation and certain payments between foreign banks routed through American banks. The rule implemented a presidential directive signed on 30 June 2025.
On 15 October, Treasury separately designated Banco Internacional de Comercio, freezing property within US jurisdiction and barring American banks from dealing with it. That followed its September action against Banco Exterior de Cuba. The department thus combined changes to standing transaction permissions with individual bank designations.
Treasury targets shipping intermediaries
What is the OFAC Zanjani network designation?
Reference
What is OFAC and how does it enforce sanctions?
Is OFAC's General Licence 131H a replacement for the lapsed Russia crude-oil waiver?
When did OFAC last designate an Iran-linked sanctions network before the Zanjani round?
What is OFAC General Licence 134C and when does it expire?
What was the Adani OFAC settlement and why does it matter for European oil traders?
Why did Treasury extend the Russia oil waiver but not Iran's?
Why did Treasury summon bank CEOs about an AI model?
How is the US Treasury enforcing Iran sanctions in July 2026?
What does Scott Bessent's Treasury policy mean for oil markets in 2026?
What OFAC sanctions have targeted Iran in 2026?
Did the US Treasury renew the Iran oil waiver in April 2026?
Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 22 October 2026. Editorial standards.