OFAC Publishes Two Lapsed Iran Sanctions Workarounds
Published Date: 6/10/2026
Rule
Summary
The Treasury’s Office of Foreign Assets Control (OFAC) published two special Iran-related licenses called GL U and GL V. These licenses let certain transactions happen that are usually banned under U.S. sanctions, but both had set expiration dates in 2026. If you’re involved in business or finance connected to Iran, these licenses gave you a temporary green light to operate within specific rules.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Temporary OK to Deliver Iranian Oil Loads
GL U, issued March 20, 2026, temporarily authorized transactions ordinarily incident and necessary to the sale, delivery, or offloading of Iranian-origin crude oil and petroleum products loaded on vessels on or before 12:01 a.m. eastern daylight time, March 20, 2026. The authorization ran through 12:01 a.m. eastern daylight time, April 19, 2026, and explicitly covers services like docking, crew safety, emergency repairs, bunkering, piloting, registration, insurance, and importation into the United States when ordinarily incident and necessary. The license does not authorize transactions involving persons located in or organized under the laws of the DPRK (North Korea), Cuba, the Covered Regions of Ukraine, or the Crimea Region of Ukraine, or transactions barred by other referenced authorities.
Temporary Wind-Down for Hengli Petrochemical Deals
GL V, issued April 24, 2026, authorized transactions ordinarily incident and necessary to wind down transactions involving Hengli Petrochemical (Dalian) Refinery Co., Ltd. or entities 50%+ owned by it through 12:01 a.m. eastern daylight time, May 24, 2026. The license requires that any payment to a blocked person be made into a blocked, interest-bearing account located in the United States and does not authorize other transactions involving blocked persons under E.O. 13902 unless separately authorized.
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Key Dates
Department and Agencies
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