USA will not renew licenses for sale of Russian and Iranian oil – US Treasury

Washington has decided not to renew general licenses allowing the sale of Russian and Iranian oil, US Treasury Secretary Scott Bessent has said.

"We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil," he noted during a press briefing at the White House.

As reported, in March, the Office of Foreign Assets Control of the US Department of the Treasury (OFAC) released General License No. 134, which permitted transactions related to the sale, supply, or offloading of crude oil and petroleum products originating from Russia until April 11, 2026, provided they were loaded onto vessels before March 12, 2026.

Subsequently, the US Treasury updated the license regarding operations with Russian oil and petroleum products. The new document prohibits transactions involving Cuba, Iran, North Korea, and the occupied territories of Ukraine.

The new license, No. 134A, replaced the previous one that was in effect from March 12 to April 11, 2026, and introduced new restrictions.