Publication of Iran-Related Web General Licenses AA and BB
What happened
The Department of the Treasury's Office of Foreign Assets Control (OFAC) published General Licenses AA and BB, which were issued on August 24, 2026. GL AA authorizes transactions involving La Nivernaise De Raffinage SAS (LNR) related to winding down or maintaining operations until October 23, 2026. GL BB authorizes wind-down transactions previously allowed under certain Iranian Transactions and Sanctions Regulations until September 8, 2026.
Why it matters
These general licenses provide specific, temporary authorizations for transactions that would otherwise be prohibited under US sanctions against Iran. This allows entities to conclude existing dealings or maintain operations for a limited time, preventing abrupt disruptions.
Who it affects
- ›Businesses dealing with La Nivernaise De Raffinage SAS (LNR)
- ›Entities engaged in wind-down transactions with LNR
- ›Persons involved in certain educational and sports exchanges with Iran
- ›Individuals sending noncommercial remittances to or from Iran
The receipts are official. The summary is ours.
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