meta_id 3259029

On June 22, 2026, the Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Iran General License X, authorizing the production, delivery, and sale of crude oil, petrochemical products, and petroleum products of Iranian origin through August 21, 2026. General licenses issued by OFAC permit specific activities that would otherwise be prohibited under U.S. sanctions programs without requiring individual license applications. Iran General License X authorizes entities to engage in transactions involving Iranian-origin crude oil and related petroleum products within the specified timeframe. This license represents a targeted authorization allowing designated economic activities with Iran that fall outside the scope of broader sanctions restrictions. The license applies to any person or entity subject to U.S. jurisdiction seeking to conduct authorized transactions in Iranian crude oil and petrochemical products. Entities engaging in these activities must ensure compliance with all terms and conditions set forth in the license and applicable sanctions regulations administered by OFAC. The authorization remains in effect until August 21, 2026. Entities should monitor OFAC's website for any amendments, revocations, or additional guidance regarding Iran General License X. For further information on license terms, compliance requirements, or to report transactions conducted under this authorization, entities may consult OFAC's official resources or contact OFAC directly. REFERENCES: Office of Foreign Assets Control, "Issuance of Iran-related General License," June 22, 2026, https://ofac.treasury.gov/