Treasury Issues Iran Wind-Down Licenses to Avoid Penalties
Published Date: 8/27/2026
Rule
Summary
The Treasury’s Office of Foreign Assets Control just published two new Iran-related licenses, AA and BB, that let certain businesses wind down their deals with Iranian entities without breaking the rules. These licenses give companies until early October and September 2026 to wrap things up smoothly, avoiding penalties. If you’re involved in these transactions, now’s the time to act and keep everything legal and on track!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Extra Time to Wind Down Deals with LNR
If your business has transactions or agreements in effect with La Nivernaise De Raffinage SAS (LNR) as of August 24, 2026, OFAC authorizes activities ordinarily incident and necessary to wind those down through 12:01 a.m. eastern daylight time on October 23, 2026. This authorization only covers LNR and entities 50% or more owned by LNR and does not authorize other blocked persons unless separately allowed.
Wind-Down Authorization for Certain Iran Activities
OFAC authorizes transactions ordinarily incident and necessary to wind down transactions previously allowed under certain Iran-related general licenses through 12:01 a.m. eastern daylight time on September 8, 2026. The listed covered authorizations include 31 CFR 560.544 (certain educational activities), 560.550 (certain noncommercial personal remittances), 560.554 (conference-related services), Iran General License F (sports-related services and exchanges), and Iran General License G (academic exchanges and certain educational services). Any payment to a blocked person under this authorization must be deposited into a blocked interest-bearing account located in the United States in accordance with the ITSR.
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