FX.co ★ US re-imposes sanctions on Russian oil after global market stabilizes

US authorities did not extend the Treasury Department’s (OFAC) temporary license that had exempted transactions in Russian oil shipped before April 17, 2026, from restrictions. From that moment, blocking sanctions against Rosneft and Lukoil were fully reinstated. The regime strictly prohibits any transactions involving persons or entities directly linked to Iran, North Korea, Cuba, Crimea, and the newly added regions of the Russian Federation.

The temporary exemption for Russian oil in March 2026 was a forced measure by the White House in response to an energy shock. In response to US and Israeli strikes, Iran closed the Strait of Hormuz, cutting global supplies by about 11 million barrels per day and pushing Brent to $110. To curb retail fuel prices at home, the US Treasury began issuing one‑off authorizations to buy Russian oil already at sea.

The reason for rescinding the relief was progress in resolving the Middle East crisis. At the G7 summit in France, US President Donald Trump said that after the agreement with Iran and reopening of the Strait of Hormuz, oil prices had plunged to $74–$75 per barrel. With the supply shortfall eliminated, Washington has no reason to maintain exceptions for the Kremlin. The expectation of renewed sanctions sparked panic on the Moscow Exchange: shares of oil and gas giants slumped to multi‑year lows, pulling the ruble‑denominated index down to autumn‑level values.