Russia-related General License 133, "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 5, 2026 to India."

Date issued: Mar. 06 2026

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TURBOFAC Commentary (418 words)

Notes:

1) Extraordinarily rare GL issued in the midst of the opening of the US/Israeli war on Iran, and evidently aimed at relieving oil supply issues arising from the closure of the Strait of Hormuz. (See https://www.reuters.com/business/energy/indias-reliance-buys-6-mln-barrels-russian-oil-march-sources-say-2026-03-09/, reporting 6 million barrels of Russian oil being purchased pursuant to the GL). The GL is notable for the number of authorities against which it licenses, which is a record as it relates to OFAC GLs. Typically, OFAC only licenses against authorities when there is a clear understanding of the nature of the otherwise prohibited transactions that are licensed, but here OFAC appears to be licensing against every Russia and Iran-related primary sanctions authority “for the avoidance of doubt”. That said, it is likely that there is at least some expected Iranian nexus to the transactions authorized, though this not clear from the...