OFAC Iran General Licenses Y and Z — wind-down authorizations (Smart Global Limited; blocked vessels and persons), published in the Federal Register

Mechanism

Both licenses are administrative exit ramps, not relief. GL Y accompanied the 10 July 2026 designation of 14 Iran-related targets (Smart Global Limited, CDM Trading Limited of Hong Kong, Naba Alzaki Raw Materials Trading LLC of Dubai and three Iranian exchange houses among the entities), giving counterparties 30 days to unwind exposure to Smart Global. GL Z is the vessel-and-cargo counterpart: it lets ships and crews already caught by blocking finish voyages and leave port safely without authorizing new business. The Federal Register notice is a retrospective publication of web-only licenses that had already expired by the time of publication.

Downstream implications

Register-state: this adds the July wind-down pair to the sequence already tracked (GL W, AA/BB, CC/DD). Both licenses are expired, so stage: expired; the underlying designations remain in force. Shipping, insurance and crewing counterparties of blocked Iran-linked vessels were the parties the GL Z carve-out addressed.