U.S. Treasury Publishes Iran-Related Licenses U and V
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The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued two Iran-related general licenses. These licenses, known as GL U and GL V, were initially made available on OFAC’s website and are now being published in the Federal Register.
General License U:
GL U was issued on March 20, 2026. This license allows certain transactions that were otherwise prohibited under multiple regulations and executive orders. It mainly authorizes the delivery and sale of Iranian-origin crude oil and petroleum products which were loaded on vessels by March 20, 2026.
These transactions include necessary activities like safe docking, crew safety, emergency repairs, and environmental measures. The oil and petroleum products can also be imported into the United States if it is part of these authorized transactions. However, this license does not allow transactions with certain prohibited regions or persons described by other U.S. sanctions.
GL U expired on April 19, 2026.
General License V:
GL V was issued on April 24, 2026. It allows the wind down of transactions related to Hengli Petrochemical (Dalian) Refinery Co., Ltd., or any entity where this company holds a 50 percent or larger interest. This license makes sure that any payments to blocked persons go into a blocked, interest-bearing account in the United States.
This license does not cover transactions with any other blocked persons outside of those specifically mentioned. GL V expired on May 24, 2026.
The publication of these licenses ensures transparency and provides detailed guidelines for those involved in allowed transactions under OFAC’s regulations. More information can be found on OFAC’s official website.
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