OFAC Revokes General License That Temporarily Allowed Iranian Oil Sales, Tanker Owners Face Renewed Sanctions Risk

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has revoked a general license that had temporarily permitted certain transactions tied to the sale of Iranian-origin crude oil, according to a notice published this week. The move effectively closes a narrow compliance window that shipowners, charterers and traders had been using to wind down positions involving Iranian barrels without falling foul of U.S. sanctions.