UK updates Shah Deniz sanctions licence covering NICO-linked activities

LONDON, September 29, 2026 — The UK Office of Financial Sanctions Implementation has updated General Licence INT/2025/7363752 concerning the Shah Deniz Project under the Iran nuclear sanctions regime. The latest licence document is dated Sept. 29, 2026.

The licence permits individuals and relevant UK financial institutions to undertake activities necessary for the continued operation of Shah Deniz, including providing goods, services, financing or other support.

The designated person covered by the licence is Naftiran Intertrade Company, or NICO. Shah Deniz is defined to include the Shah Deniz Upstream Unincorporated Joint Venture, South Caucasus Pipeline, Azerbaijan Gas Supply Company and related pipeline projects or joint ventures established to transport gas from Azerbaijan to Turkey and Europe.

The authorization remains subject to significant safeguards. No direct payment may be made to NICO or another designated person. Payments due to NICO must instead be handled through an offset mechanism, special-purpose vehicle or another arrangement that prevents funds or economic resources from being made directly available to the company.

Those undertaking activity under the licence must retain accurate, complete and readable records for at least six years. The authorization does not permit other breaches of the Iran nuclear sanctions regulations, and HM Treasury may vary, revoke or suspend the licence at any time.

OFSI originally issued the licence on Sept. 29, 2025. The government’s general licence register identifies INT/2025/7363752 as an Iran Nuclear regime authorization for Shah Deniz Project activities.