Russia Oil Shipping Gets Temporary Green Light from Treasury
Published Date: 5/7/2026
Rule
Summary
The Treasury Department just made official four special permissions (called general licenses) that let certain business activities with Russia continue, even though most are banned. These licenses cover things like shipping Russian oil from the Sakhalin-2 project and other specific transactions, with some expiring as soon as April or June 2026. If you’re involved in these areas, keep an eye on the deadlines to avoid losing access or facing penalties.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Sakhalin-2 Oil Shipping to Japan Allowed
If your business provides services related to the Sakhalin-2 project, transactions tied to maritime transport of Sakhalin-2 byproduct for import into Japan are authorized through 12:01 a.m. eastern daylight time on June 18, 2026. The license also authorizes certain transactions involving Gazprombank or entities 50%+ owned by Gazprombank related to Sakhalin-2 through that same June 18, 2026 deadline.
Civil Nuclear Transactions with Listed Banks Authorized
Transactions prohibited by E.O. 14024 that involve the listed Russian banks or the Central Bank and are related solely to maintaining or supporting civil nuclear projects initiated before November 21, 2024, are authorized through 12:01 a.m. eastern daylight time on June 18, 2026. The license lists specific banks and does not authorize correspondent or payable-through accounts for entities subject to Directive 2 or debits to certain Russian government accounts.
U.S. Persons Authorized to Pay Routine Russian Taxes/Fees
U.S. persons and entities owned or controlled by U.S. persons are authorized to pay taxes, fees, import duties and to obtain permits, licenses, registrations, certifications, or tax refunds ordinarily incident to day-to-day operations in the Russian Federation through 12:01 a.m. eastern daylight time on April 9, 2026. The license does not authorize debits to U.S. financial institution accounts of the Russian Central Bank, National Wealth Fund, or Ministry of Finance.
Contingent Sale and Wind-Down Deals for Lukoil Unit
Transactions ordinarily incident and necessary to negotiate and enter contingent contracts for the sale of Lukoil International GmbH (LIG), and transactions for maintenance or wind down of LIG entities, are authorized through 12:01 a.m. eastern daylight time on April 1, 2026. Blocked accounts of LIG entities may be used for authorized maintenance or wind-down transactions, but transfers to any person or account located in the Russian Federation remain prohibited.
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