End Russian Oil Windfalls

Summary#

This bill, titled the "End Russian Oil Windfalls Act," would cancel two Treasury Office of Foreign Assets Control (OFAC) general licenses (133 and 134A) that authorized delivery and sale of Russian crude oil and petroleum products loaded on vessels on March 5 and March 12, 2026. It would bar the Secretary of the Treasury from authorizing transactions ordinarily incident to the sale, delivery, or offloading of Russian crude or petroleum products. The bill directs the President to impose sanctions within 30 days on any Russian person engaged in (1) oil and gas extraction, (2) oil and gas refinement or production, or (3) maritime transportation of oil, gas, or other petroleum products. Sanctions listed include blocking assets under the International Emergency Economic Powers Act (IEEPA) and making such persons inadmissible to the United States and subject to visa revocation. The bill lists exceptions for United Nations headquarters obligations, humanitarian assistance, and authorized U.S. intelligence, law enforcement, or national security activities. It also allows classified information to be used in judicial review ex parte and authorizes the President to use IEEPA authorities and penalties. The bill requires the Secretary of State to report to the specified congressional committees every 60 days for three years on the impact of the referenced OFAC licenses (including export volumes, sale prices, revenue to Russian entities, and production levels) and to report every 180 days for two years on any involvement by Russian state-owned or state-affiliated energy companies in abduction, deportation, or indoctrination of Ukrainian civilians.

What it means for you#

  • The two named OFAC licenses for certain Russian oil shipments would be nullified if the bill becomes law.
  • The Treasury would be barred from authorizing usual transactions needed to sell, deliver, or offload Russian crude or petroleum products.
  • Russian persons involved in extraction, refinement, or maritime transport of oil could face U.S. asset-blocking sanctions and visa bans and revocations.
  • The bill calls for repeated reports to Congress on Russian oil exports, revenues, production, and possible involvement of Russian energy companies in abducting Ukrainian civilians.

Expenses#

No publicly available information on costs or estimated budgetary effects is included in the bill text or metadata.

Proponents' View#

The bill text and metadata show sponsors introduced the measure to nullify the two named OFAC licenses and to impose sanctions on Russian energy and transport actors; the bill itself does not include additional statements of proponents' arguments or analysis.

Opponents' View#

No publicly available information about opponents' views or official objections is included in the bill text or metadata.