The U.S. Treasury issued a temporary license for operations with Iranian oil until March 20, 2026

The U.S. Treasury issued a temporary license for operations with Iranian oil until March 20, 2026

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has issued a general license allowing limited operations with crude oil and petroleum products of Iranian origin.

The license is effective and will remain in force until 12:01 AM Eastern Daylight Time on March 20, 2026 (which corresponds to 7:01 AM Moscow time). This will allow shipowners and round companies to complete the transportation of already loaded cargoes without the risk of sanctions.

Purpose of the temporary measure

According to the description of the license, it is intended to ensure a smooth transition and minimize disruptions in supply chains. Operations are limited to those cargoes that were loaded onto vessels before the specified date.

• Operations for unloading and transporting already loaded Iranian oil are permitted.
• New loadings are prohibited after the license comes into effect.
• Duration: until March 20, 2026.

This OFAC decision may impact global oil markets by providing a temporary window to complete contracts related to Iranian supplies.