Rule2026-04087
Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses 124A, 126, 127, and 128
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 2, 2026
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing four general licenses (GLs) issued pursuant to the Russian Harmful Foreign Activities Sanctions Regulations: GLs 124A, 126, 127, and 128, each of which was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 91 Issue 40 (Monday, March 2, 2026)</title>
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[Federal Register Volume 91, Number 40 (Monday, March 2, 2026)]
[Rules and Regulations]
[Pages 10004-10006]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04087]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 587
Publication of Russian Harmful Foreign Activities Sanctions
Regulations Web General Licenses 124A, 126, 127, and 128
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of web general licenses.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing four general licenses (GLs) issued
pursuant to the Russian Harmful Foreign Activities Sanctions
Regulations: GLs 124A, 126, 127, and 128, each of which was previously
made available on OFAC's website.
DATES: GL 124A was issued on October 22, 2025. See SUPPLEMENTARY
INFORMATION for additional relevant dates.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Regulatory Affairs, 202-622-4855; or <a href="https://ofac.treasury.gov/contact-ofac">https://ofac.treasury.gov/contact-ofac</a>.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: <a href="https://ofac.treasury.gov/">https://ofac.treasury.gov/</a>.
Background
On October 22, 2025, OFAC issued GLs 124A, 126, 127, and 128 to
authorize certain transactions otherwise prohibited by the Russian
Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587.
These GLs were made available on OFAC's website (<a href="https://ofac.treasury.gov">https://ofac.treasury.gov</a>) when they were issued. GL 124A replaced and
superseded GL 124. GLs 126, 127, and 128 are now expired. The text of
these GLs is provided below.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 124A
Authorizing Petroleum Services and Other Transactions Related to the
Caspian Pipeline Consortium and Tengizchevroil Projects
(a) Except as provided in paragraph (c) of this general license,
all
[[Page 10005]]
transactions prohibited by the determination of January 10, 2025 made
pursuant to section 1(a)(ii) of Executive Order (E.O.) 14071
(``Prohibition on Petroleum Services'') that are related to the Caspian
Pipeline Consortium or Tengizchevroil projects are authorized.
(b) Except as provided in paragraph (c) of this general license,
all transactions prohibited by E.O. 14024 involving one or more of the
following blocked persons that are related to the Caspian Pipeline
Consortium or Tengizchevroil projects are authorized:
(1) Rosneft Oil Company;
(2) Public Joint-Stock Company Oil Company Lukoil; or
(3) Any entity in which one or more of the above persons own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(c) This general license does not authorize any transactions
otherwise prohibited by the Russian Harmful Foreign Activities
Sanctions Regulations, 31 CFR part 587 (RuHSR), including transactions
involving any person blocked pursuant to the RuHSR, other than the
blocked persons described in paragraph (b), unless separately
authorized.
(d) Effective October 22, 2025, General License No. 124, dated May
15, 2025, is replaced and superseded in its entirety by this General
License No. 124A.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
Dated: October 22, 2025.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 126
Authorizing the Wind Down of Transactions Involving Rosneft or Lukoil
(a) Except as provided in paragraph (b) of this general license,
all transactions prohibited by Executive Order (E.O.) 14024 that are
ordinarily incident and necessary to the wind down of any transaction
involving one or more of the following blocked persons are authorized
through 12:01 a.m. eastern standard time, November 21, 2025, provided
that any payment to a blocked person is made into a blocked account in
accordance with the Russian Harmful Foreign Activities Sanctions
Regulations, 31 CFR part 587 (RuHSR):
(1) Rosneft Oil Company;
(2) Public Joint-Stock Company Oil Company Lukoil; or
(3) Any entity in which one or more of the above persons own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(b) This general license does not authorize:
(1) Any transactions prohibited by Directive 2 under E.O. 14024,
Prohibitions Related to Correspondent or Payable-Through Accounts and
Processing of Transactions Involving Certain Foreign Financial
Institutions;
(2) Any transactions prohibited by Directive 4 under E.O. 14024,
Prohibitions Related to Transactions Involving the Central Bank of the
Russian Federation, the National Wealth Fund of the Russian Federation,
and the Ministry of Finance of the Russian Federation; or
(3) Any transactions otherwise prohibited by the RuHSR, including
transactions involving any person blocked pursuant to the RuHSR other
than the blocked persons described in paragraph (a) of this general
license, unless separately authorized.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
Dated: October 22, 2025.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 127
Authorizing Certain Transactions Related to Debt or Equity of, or
Derivative Contracts Involving, Rosneft or Lukoil
(a) Except as provided in paragraphs (d) and (e) of this general
license, all transactions prohibited by Executive Order (E.O.) 14024
that are ordinarily incident and necessary to the divestment or
transfer, or the facilitation of the divestment or transfer, of debt or
equity issued or guaranteed by the following blocked entities
(``Covered Debt or Equity'') to a non-U.S. person are authorized
through 12:01 a.m. eastern standard time, November 21, 2025:
(1) Rosneft Oil Company;
(2) Public Joint-Stock Company Oil Company Lukoil; or
(3) Any entity in which one or more of the above persons own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(b) Except as provided in paragraph (e) of this general license,
all transactions prohibited by E.O. 14024 that are ordinarily incident
and necessary to facilitating, clearing, and settling trades of Covered
Debt or Equity that were placed prior to 4:00 p.m. eastern daylight
time, October 22, 2025 are authorized through 12:01 a.m. eastern
standard time, November 21, 2025.
(c) Except as provided in paragraph (e) of this general license,
all transactions prohibited by E.O. 14024 that are ordinarily incident
and necessary to the wind down of derivative contracts entered into
prior to 4:00 p.m. eastern daylight time, October 22, 2025 that (i)
include a blocked person described in paragraph (a) of this general
license as a counterparty or (ii) are linked to Covered Debt or Equity
are authorized through 12:01 a.m. eastern standard time, November 21,
2025, provided that any payments to a blocked person are made into a
blocked account in accordance with the Russian Harmful Foreign
Activities Sanctions Regulations, 31 CFR part 587 (RuHSR).
(d) Paragraph (a) of this general license does not authorize:
(1) U.S. persons to sell, or to facilitate the sale of, Covered
Debt or Equity to, directly or indirectly, any person whose property
and interests in property are blocked; or
(2) U.S. persons to purchase or invest in, or to facilitate the
purchase of or investment in, directly or indirectly, Covered Debt or
Equity, other than purchases of or investments in Covered Debt or
Equity ordinarily incident and necessary to the divestment or transfer,
or the facilitation of the divestment or transfer, of Covered Debt or
Equity as described in paragraph (a) of this general license.
(e) This general license does not authorize:
(1) Any transactions prohibited by Directive 2 under E.O. 14024,
Prohibitions Related to Correspondent or Payable-Through Accounts and
Processing of Transactions Involving Certain Foreign Financial
Institutions;
(2) Any transactions prohibited by Directive 4 under E.O. 14024,
Prohibitions Related to Transactions Involving the Central Bank of the
Russian Federation, the National Wealth Fund of the Russian Federation,
and the Ministry of Finance of the Russian Federation; or
(3) Any transactions otherwise prohibited by the RuHSR, including
transactions involving any person blocked pursuant to the RuHSR other
than the blocked persons described in paragraph (a) of this general
license, unless separately authorized.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
[[Page 10006]]
Dated: October 22, 2025.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 128
Authorizing Certain Transactions Involving Lukoil Retail Service
Stations Located Outside of Russia
(a) Except as provided in paragraph (b) of this general license,
all transactions prohibited by Executive Order (E.O.) 14024 that are
ordinarily incident and necessary to the purchase of goods and services
from, or the maintenance, operation, or wind down of Lukoil retail
service stations located outside of the Russian Federation (``Lukoil
Retail Service Stations''), are authorized through 12:01 eastern
standard time, November 21, 2025, provided that any payment, directly
or indirectly, to a blocked person--other than blocked Lukoil Retail
Service Stations--is made into a blocked account in accordance with the
Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part
587 (RuHSR).
Note to paragraph (a): For the purpose of this general license,
the term ``Lukoil Retail Service Stations'' means physical retail
service stations located outside the Russian Federation and in
existence on or before October 22, 2025 in which (1) Public Joint-
Stock Company Oil Company Lukoil (``Lukoil'') has an interest, or
(2) any entity in which Lukoil owns, directly or indirectly, a 50
percent or greater interest, has an interest.
(b) Paragraphs (a) of this general license does not authorize:
(1) Any transactions prohibited by Directive 2 under E.O. 14024,
Prohibitions Related to Correspondent or Payable-Through Accounts and
Processing of Transactions Involving Certain Foreign Financial
Institutions;
(2) Any transactions prohibited by Directive 4 under E.O. 14024,
Prohibitions Related to Transactions Involving the Central Bank of the
Russian Federation, the National Wealth Fund of the Russian Federation,
and the Ministry of Finance of the Russian Federation; or
(3) Any transactions otherwise prohibited by the RuHSR, unless
separately authorized.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
Dated: October 22, 2025.
Bradley T. Smith,
Director, Office of Foreign Assets Control.
[FR Doc. 2026-04087 Filed 2-27-26; 8:45 am]
BILLING CODE P
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</html>Indexed from Federal Register on March 2, 2026.
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