OFAC Iran-Related General License U for Crude Oil Sales
Summary
OFAC has issued Iran-related General License U, authorizing the delivery and sale of crude oil and petroleum products of Iranian-origin loaded on vessels as of March 20, 2026. This license provides specific exceptions to sanctions for certain oil-related transactions.
What changed
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.
What to do next
- Review Iran-related General License U for specific authorization details.
- Ensure compliance with the terms of GL U for authorized crude oil and petroleum product sales.
- Update internal compliance procedures to reflect the scope of GL U.
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Mar 21, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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Issuance of Iran-related General License
03/20/2026 The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Iran-related General License U, "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian-Origin Loaded on Vessels as of March 20, 2026."
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