TITLE: US Treasury Office of Foreign Assets Control Revokes Iran-Related General License X
BODY:
On July 7, 2026, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) revoked Iran-related General License X and issued Iran-related General License X1 in its place. The new license addresses the "Revocation and Wind Down of June 21, 2026 Authorization for the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian Origin."
General License X, which was dated June 21, 2026, has been entirely replaced and superseded by General License X1, effective July 7, 2026. This action represents a modification to OFAC's Iran sanctions regime, specifically concerning authorizations related to Iranian energy sector products. The revocation and issuance of the amended license indicates a shift in US policy regarding the production, delivery, and sale of crude oil, petrochemical products, and petroleum products originating from Iran.
The change affects entities and individuals engaged in transactions involving Iranian energy sector commodities. OFAC administers comprehensive sanctions programmes targeting Iran, and this amendment reflects updated authorizations within that framework. The effective date of July 7, 2026, marks the point at which General License X1 becomes operative and General License X ceases to apply.
Entities subject to US jurisdiction or engaged in transactions with US persons should review General License X1 to ensure compliance with the revised terms and conditions. OFAC's sanctions lists, including the Specially Designated Nationals List (SDN List) and Consolidated Sanctions List, remain relevant reference materials for identifying restricted parties.
**Reference:**
Office of Foreign Assets Control, US Department of the Treasury. "Issuance of Amended Iran-related General License." July 7, 2026. https://ofac.treasury.gov/