The U.S. Treasury Department issued a new Russia-related general license allowing certain transactions tied to Russian oil shipments already en route to India. This move comes after oil prices spiked as the war in the Middle East continues. In response, Iran began targeting oil tankers traveling in the Strait of Hormuz.
The Treasury’s Office of Foreign Assets Control (OFAC) released the Russia-related General License 133 on March 12, which authorizes transactions necessary for the sale, delivery, or offloading of Russian-origin crude oil and petroleum products that were loaded onto vessels on or before March 5. The authorization applies only when the cargo is delivered to an Indian port and purchased by an entity organized under Indian law, and it expires on April 4.
