Skip to content
You can now search across every topic, entity and event.What's new
Russia-Ukraine War 2026
16JUN

US Oil Sanctions Waiver Expires 11 April Amid Confusion

2 min read
10:25UTC

OFAC's GL 134A expires 11 April; at $121 per barrel, any extension would hand Russia far more revenue than when the waiver was issued at $73, while simultaneous vessel desanctioning created contradictory signals.

ConflictDeveloping
Key takeaway

GL 134A expiry on 11 April is the binary choice: extension at $121/barrel or lapse compounding Russia's crisis.

OFAC issued General License 134 on 12 March, covering the roughly 124 million barrels of Russian crude at sea , amended it to GL 134A on 19 March, and faces a binary decision on its 11 April expiry. At $73 per barrel when issued, the waiver was defensible as market stabilisation. At $121, the same licence authorises far greater per-barrel income than its design contemplated.

OFAC added Iran, North Korea, and Cuba exclusions to GL 134A one week after the original licence, a rapid amendment suggesting Treasury received evidence that cargoes were being redirected toward sanctioned parties. On 31 March, OFAC separately removed sanctions on three Russian cargo vessels: Fesco Magadan, Fesco Moneron, and SV Nikolay.

The contradictory pattern, tightening the licence's terms while reducing pressure on named Russian vessels, is consistent with an administration managing competing objectives across the Iran war and Ukraine simultaneously. The Atlantic Council warned that extension at current prices "risks sustaining Russia's war effort."

Deep Analysis

In plain English

The US government gave Russia a special oil sales exemption that expires on 11 April. When it was issued, oil prices were around $73 per barrel. Now that the Iran war has pushed prices to $121, extending the same exemption would hand Russia much more money than originally intended. At the same time, the US removed sanctions on three Russian ships while tightening the exemption's rules — sending confusing signals about American policy toward Russia.

What could happen next?
  • Risk

    GL 134A extension at $121/barrel would constitute the largest single US-authorised revenue transfer to Russia since sanctions began.

First Reported In

Update #11 · Russia Sells Less Oil but Earns More

Mayer Brown· 5 Apr 2026
Read original
Causes and effects
This Event
US Oil Sanctions Waiver Expires 11 April Amid Confusion
The GL 134A expiry is a binary US policy signal: extension at $121 per barrel directly subsidises Moscow's war revenue; lapse combined with Baltic terminal damage would compound Russia's export crisis.
Different Perspectives
Turkey
Turkey
Ankara hosts the NATO summit on 7-8 July, the next Western diplomatic convergence that Russia may target with a mass barrage based on the documented pattern of timing strikes to allied events; Turkey's role as the indispensable logistical intermediary between Kyiv and Moscow gives it standing to broker any ceasefire repair at Zaporizhzhia.
IAEA
IAEA
The IAEA's sixth brokered repair ceasefire at ZNPP collapsed within days of enabling initial work on the 750 kV Dniprovska line, leaving Europe's largest nuclear plant on a single 330 kV backup with 19 total blackouts recorded since the Russian occupation began.
European Union
European Union
The EU delayed the €9.1bn first tranche of its €90bn Ukraine loan on unmet technical conditions, while disbursing a separate €2.8bn Facility payment on 8 June; the G7 sanctions-to-talks linkage now runs parallel to EU enforcement.
United Kingdom
United Kingdom
Britain conducted its first maritime interdiction of the Russian shadow fleet, with Royal Marines seizing the Smyrtos in the English Channel on 14 June, and simultaneously announced a £210m Urenco uranium deal to break Ukraine's dependence on Russian nuclear fuel.
United States
United States
Trump called both Putin and Zelenskyy separately on 14 June, pledged to re-engage on Ukraine now the Iran deal is done, and the G7 tied future Russia sanctions to peace-talk progress, giving Washington leverage over both parties' negotiating posture.
Ukraine
Ukraine
Zelenskyy attended the G7 at Evian and proposed a direct Putin summit while 140,000 households in Kyiv lost power and the Lavra's Dormition Cathedral burned; Metropolitan Epiphanius called it an attack "against history, against Christianity." Kyiv's immediate priority is closing the PAC-3 export gap that left 19 of 34 Iskander-M ballistic missiles unintercepted.