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ARTICLE · 25 MARCH 2026

Weekly Sanctions Update: March 23, 2026

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On March 20, 2026, OFAC issued a new general license (GL) U, "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian-Origin...

GlobalInternational Law
Steptoe LLP
Steptoe LLP

The Sanctions Update is compiled by Steptoe's International Trade and Regulatory Compliance team and Steptoe's Strategic Risk team. You can subscribe to receive the Sanctions Update every week through Steptoe's International Compliance Blog and Stepwise Risk Outlook publication home pages.

For more information or advice on any of the developments discussed below, please contact a member of our sanctions team here.

US Developments

OFAC Authorizes Sale of Iranian Oil at Sea

On March 20, 2026, OFAC issued a new general license (GL) U, "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian-Origin Loaded on Vessels as of March 20, 2026." GL U permits transactions otherwise prohibited under a number of US sanctions programs, including the Iranian Transactions and Sanctions Regulations (ITSR), that are ordinarily incident and necessary to the sale, delivery, or offloading of crude oil or petroleum products of Iranian origin loaded onto any vessel, including

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