OFAC issues Iran-related General License U for preloaded oil cargoes

WASHINGTON, March 20, 2026 — The U.S. Treasury’s Office of Foreign Assets Control has issued Iran-related General License U, titled “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian-Origin Loaded on Vessels as of March 20, 2026.” OFAC announced the measure on March 20.

The license authorizes, through 12:01 a.m. EDT on April 19, 2026, transactions ordinarily incident and necessary to the sale, delivery or offloading of Iranian-origin crude oil or petroleum products loaded on any vessel on or before 12:01 a.m. EDT on March 20, 2026. The authorization applies even where the vessels are blocked under the authorities listed in the license.

OFAC said the authorized activity includes services tied to safe docking and anchoring, crew health and safety, emergency repairs, environmental mitigation or protection, and vessel management services such as crewing, bunkering, piloting, registration, flagging, insurance, classification and salvage. The license also states that covered transactions may include importation into the United States when that importation is ordinarily incident and necessary to the authorized sale, delivery or offloading.

The authorization does not extend to transactions involving persons located in or organized under the laws of North Korea, Cuba, the covered regions of Ukraine or Crimea, or entities owned or controlled by, or in a joint venture with, such persons. It also does not authorize transactions prohibited under executive orders or sanctions regulations not referenced in the license.