OFAC issues General License U permitting temporary Iranian oil exports

The Office of Foreign Assets Control issues General License U (GL U), a limited and temporary authorization allowing imports of up to 140 million barrels of stranded Iranian crude oil accumulated during years of sanctions enforcement. The three-week window aims to unblock global oil markets before final enforcement begins. GL U permits qualifying importers in Japan, South Korea, and India to conclude final purchases at discounted prices, generating an estimated $4-6 billion in Iranian oil revenues.