OFAC Extends Temporary Waiver for Russian Oil Sanctions Through May 16
Summary
The Office of Foreign Assets Control reauthorized Russian oil exports through May 16, 2026, extending a temporary waiver that had expired on April 11. The extension was issued to ease economic pressure from rising fuel prices linked to military operations in Iran. The sanctions were originally imposed in 2022 to penalize Russia for its invasion of Ukraine.
What changed
OFAC extended the temporary waiver for Russian oil sanctions through May 16, 2026, allowing continued exemptions from restrictions imposed in 2022. The original waiver expired April 11; the extension provides approximately one additional month of authorization. The action was driven by concerns over rising fuel prices attributed to military operations in Iran.
Financial institutions processing transactions involving Russian oil, as well as energy companies and importers/exporters in the oil sector, should confirm that their activities remain covered under the extended waiver terms. Banks with sanctions compliance programs should update their monitoring systems to reflect the new May 16 expiration date and review any related transaction screening protocols.
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April 20, 2026 Reading Time: 1 min read The Office of Foreign Assets Control on Friday reauthorized Russian oil exports through May 16 to ease economic pressure from rising fuel prices due to military operations in Iran.
The sanctions were one of several actions the U.S. and its allies took in 2022 to penalize Russia for the invasion of Ukraine. OFAC first issued a temporary waiver for Russian oil in March, which expired on April 11. The new waiver extends those exemptions by roughly another month.
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