The Treasury Department’s Office of Foreign Assets Control published expired Iran-related General Licenses Y and Z on September 23, 2026. The publication formally documented the expiration dates and operational scope of the two licenses that had lapsed in August and September.

General License Y expired on August 9, 2026, ending a one-month authorization period that began in July. General License Z expired on September 12, 2026, concluding its own distinct window for permitted wind-down activities involving designated entities.

The Annex to General License Z identified several blocked persons, including Aare Lines Inc, Ava Tarabar Darya Company, Hope 1 Shipping Inc, Kangri 1 Inc, Lubeck Shipping LLC, Nuvettro Shipping Inc, Ocean Searum One Limited, and Sea Lead Shipping PTE. Ltd. The document also listed specific blocked vessels subject to these restrictions. Blocked vessels under General License Z include NADIA, SEPEHR PAYAM, and HOPE 1. Additional vessels listed in the Annex include CICCIO, GEMMA JADE, ELPINIKI (also known as CORN), and PAYA LEBAR.

Timeline

Lisa M. Palluconi signed General License Y as Deputy Director of the Office of Foreign Assets Control on July 10, 2026. General License Y was issued on July 10, 2026. On that same date, General License Y authorized transactions prohibited by the Global Terrorism Sanctions Regulations and Executive Order 13876.

It also authorized wind-down transactions involving Smart Global Limited. On July 14, 2026, the Department of the Treasury's Office of Foreign Assets Control issued Iran General License Z, authorizing wind down activities, limited safety and environmental transactions, and the offloading of cargo involving certain persons or vessels blocked on July 14, 2026. Lisa M. Palluconi signed General License Z as Deputy Director of the Office of Foreign Assets Control on July 14, 2026.

Why It Matters

The Office of Foreign Assets Control is an agency of the United States Department of the Treasury. The publication of these expired licenses provides a formal record of the regulatory boundaries that applied to specific Iranian entities and vessels during the summer of 2026. By documenting the exact expiration dates and the scope of authorized activities, the Treasury Department clarifies the timeline during which wind-down transactions and safety measures were legally permissible for the listed parties.