The Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued Iran-related General License U. This license specifically authorizes the delivery and sale of crude oil and petroleum products of Iranian-origin that were loaded on vessels as of March 20, 2026. This action provides a specific carve-out from otherwise applicable sanctions for these particular transactions.

Regulated entities involved in the international trade of oil and petroleum products, particularly those dealing with Iran, should review General License U to understand the scope of authorized activities. Compliance officers must ensure that any transactions involving Iranian crude oil or petroleum products loaded on vessels as of the specified date adhere strictly to the terms and conditions outlined in the license to avoid violations of U.S. sanctions.