OFAC publishes General Licenses U and V for Iran-related transactions
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Table of Contents
The Treasury Department’s Office of Foreign Assets Control (OFAC) has published two general licenses, labeled GL U and GL V. These documents authorize specific transactions that are otherwise prohibited under various sanctions programs targeting Iran.
Why it matters: These licenses provide temporary legal cover for specific commercial activities involving Iranian oil and a sanctioned Chinese refinery. They allow certain shipments to complete their journeys or existing contracts to close out without violating sanctions. The expiration dates mean these permissions are no longer active as of late spring 2026.
Who it affects
- Energy traders, shippers, and insurers handling Iranian crude oil loaded before March 20, 2026
This action was issued by the Office of Foreign Assets Control within the Treasury Department; check the original Federal Register document for full legal text and contact information before relying on this summary.
Agency: Treasury Department, Foreign Assets Control Office
Source: Federal Register — read the official document