meta_id 3303430

On July 7, 2026, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) revoked Iran-related General License X and issued Iran-related General License X1. The amended license addresses the revocation and wind down of 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 General License X, which was dated June 21, 2026, has been entirely replaced and superseded by General License X1, effective July 7, 2026.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 program, which regulates transactions and activities involving Iran and Iranian-origin commodities. The issuance of the amended license establishes new parameters for entities previously operating under the prior authorization, requiring compliance with updated terms and conditions for any ongoing or future transactions involving Iranian crude oil, petrochemical products, and petroleum products. The amendment affects entities engaged in trade, commerce, or financial transactions involving Iranian energy sector commodities. Parties holding or relying on General License X must transition to compliance with General License X1 immediately. Entities should review the full terms of the amended license to ensure adherence to all applicable conditions and restrictions. OFAC maintains enforcement authority over violations of sanctions regulations, and entities must ensure their operations align with the updated licensing framework to avoid potential civil or criminal penalties. REFERENCES: Office of Foreign Assets Control, "Issuance of Amended Iran-related General License," July 7, 2026, https://ofac.treasury.gov/