Iranian Ships Get Brief Transaction Pass from OFAC
Published Date: 5/7/2026
Rule
Summary
The Treasury’s Office of Foreign Assets Control (OFAC) is officially publishing two special permissions called General Licenses S and T, which let certain transactions with blocked Iranian vessels and people happen safely and legally. These licenses were active from December 18, 2025, to January 18, 2026, helping businesses avoid penalties while handling specific cargo and safety tasks. If you’re involved in shipping or trade with Iran, these rules mattered for a short but important time.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Short-term authorization for GL S
General License S allowed certain otherwise prohibited transactions involving the blocked persons and vessels listed in its Annex for safety, crew health, emergency repairs, environmental mitigation, and delivery/offloading of non‑Iranian cargo loaded on or before December 18, 2025. Those authorizations were valid through 12:01 a.m. eastern standard time on January 18, 2026, and include services like crewing, bunkering, insurance, salvage, and vessel management.
Short-term authorization for GL T
General License T allowed the same categories of transactions (safe docking/anchoring, crew health preservation, emergency repairs, environmental mitigation, and delivery/offloading of non‑Iranian cargo loaded on or before January 23, 2026) for the blocked persons and vessels listed in its Annex. Those authorizations were valid through 12:01 a.m. eastern standard time on February 22, 2026, and explicitly include services such as piloting, registration, flagging, and classification.
Payment and restriction rules apply
Both GL S and GL T require that any payment to a blocked person must be made into a blocked interest-bearing account located in the United States. Both GLs also do not authorize entry into new commercial contracts involving blocked persons (except as authorized by the GLs) and do not authorize transactions otherwise prohibited by E.O. 13902 or by the Iranian Transactions and Sanctions Regulations (31 CFR part 560), including transactions involving Iran, the Government of Iran, or Iranian‑origin goods or services.
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