OFAC Publishes Iran Web General Licenses Y and Z
The licenses authorize wind-down and safety transactions for Smart Global Limited and listed blocked persons and vessels through August 9 2026 and September 12 2026.
The Treasury Department's Office of Foreign Assets Control has issued a notice publishing two Iran-related web general licenses, GL Y and GL Z, that were previously posted on OFAC's website. The licenses set the parameters for transactions that would otherwise be prohibited under the Global Terrorism Sanctions Regulations and the applicable executive orders.
General License Y, issued on July 10, 2026, authorizes the wind-down of any transaction involving Smart Global Limited or any entity in which Smart Global Limited owns, directly or indirectly, a 50 percent or greater interest. The authorization is effective through 12:01 a.m. eastern daylight time, August 9, 2026, and requires any payment to a blocked person to be made into a blocked account in accordance with the GTSR. Paragraph (b) of the license clarifies that no other prohibited transactions are authorized.
General License Z, issued on July 14, 2026, authorizes a range of wind-down, safety, environmental, and cargo offloading activities involving the blocked persons and blocked vessels listed in the annex. The authorization runs through 12:01 a.m. eastern daylight time, September 12, 2026, and mandates that payments to blocked persons be made into a blocked interest-bearing account located in the United States. The license expressly includes services such as vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification, and salvage.
The annex enumerates blocked persons and vessels, providing names and IMO numbers such as Aare Lines Inc (NADIA, IMO 9122461), Ava Tarabar Darya Company (SEPEHR PAYAM, IMO 9110535), Hope 1 Shipping Inc (HOPE 1, IMO 9514339), and several others.
Both licenses expire on the dates specified; after expiration, any related transactions remain subject to the Global Terrorism Sanctions Regulations, Executive Order 13876, Executive Order 13902, and the Iranian Transactions and Sanctions Regulations. For further information, OFAC can be contacted at the listed phone number or through its website.
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