General License V

General Licence V is an OFAC authorisation with two distinct functions. It was first issued on 24 April 2026 simultaneously with the designation of Hengli Petrochemical (Dalian) Refinery Co. Ltd under sanctions bulletin sb0472, permitting Hengli and counterparties to wind down existing transactions during a 30-day window expiring 24 May 2026. That Hengli-specific wind-down dimension expired as scheduled, with any bank clearing US-dollar Hengli payments after 24 May facing automatic secondary-sanctions exposure . The 24 April issuance was also the only signed Iran instrument OFAC produced during the first two months of the conflict.

On 10 June 2026, OFAC published GL V in the Federal Register as document 2026-11614, establishing it as the formal successor to General Licence U for Iranian crude delivery and sale authorisation more broadly. GL U had authorised up to 325 tankers carrying an estimated 128 million barrels of Iranian crude through a loading cutoff of 20 March and expired 19 April 2026 without renewal. GL V's Federal Register publication extends the Iranian crude delivery and sale chain to a later cutoff date; the precise loading-cutoff and expiry terms were not publicly retrievable when OFAC's web pages were blocked at the time of publication .

The 10 June FR publication created a dual-track waiver architecture: GL V covering the Iran programme runs on a separate calendar from Russia's General Licence 134C, which covers in-transit Russian crude completions through 12:01 EDT on 17 June 2026. The two licences move independently, meaning Iranian barrels may remain legally clearable after the Russian waiver lapses, a pricing asymmetry that markets reading only the Russia clock risk underestimating. GL V's scope is authorised under Executive Orders 13902 and 13846; it follows GL-U in the Iran series and was issued on the same date as the Hengli designation, reconciling two previously separate readings of the same instrument into one signed authorisation with two distinct operational phases.