Treasury Issues General License U: Lifts Sanctions on 140 Million Barrels of Iranian Oil

The Treasury Department's OFAC issued General License U on March 20–21, 2026, temporarily lifting US sanctions on approximately 140 million barrels of Iranian crude oil already loaded on vessels at sea, allowing their sale and delivery through April 19. Treasury Secretary Scott Bessent described the waiver as 'narrowly tailored' and temporary, aimed at containing the energy price surge hammering US consumers. At market prices, the Iranian oil was worth more than $14 billion to Tehran. The license contained no escrow mechanism restricting Iran's receipt of revenues. Critics including the Foundation for Defense of Democracies called it 'funding the enemy,' with analyst Danny Citrinowicz of the Institute for National Security Studies warning: 'The U.S. is funding a war against itself.' It was the third such sanctions waiver on adversarial oil in two weeks.