US OFAC authorizes 30-day licence for Russian crude deliveries to India
Change
US OFAC issued a licence authorising the delivery and sale of Russian-origin crude and petroleum products loaded on vessels as of March 5, 2026 to Indian refineries, valid through the end of April 3, 2026.
Why it matters
The licence removes legal barriers that had kept those specific, stranded cargoes from offloading, enabling them to enter India’s refining system for a limited window. That narrows the immediate supply shortfall risk and complicates efforts to sustain a comprehensive sanctions posture against Russian oil flows.
Implications
- • Indian refiners and chartering teams must decide whether to accept and redirect vessels carrying Russian-origin crude loaded by March 5, 2026 and complete deliveries before the licence expires on April 3, 2026.
- • Banks' compliance and trade desks and commodity trading houses must process and document payments and sales under the licence's specific terms to ensure transactions remain within the authorised permissions.
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