On June 22, 2026, President Trump signed Executive Order 14411, on Ushering in the Next Frontier of Quantum Innovation (the “EO”). The EO establishes a national policy to maintain a strategic technical advantage in quantum information science and technology (QIST) and leads the development of a robust and trusted quantum ecosystem across QIST research, manufacturing, commercialization, and application. Accordingly the focus of much of the EO is directed at accelerating domestic commercialization and research. Additionally,…
On July 7, 2026, the US Treasury Department’s Office of Foreign Assets Control revoked Iran General License X (“GL X”), which would have otherwise been valid through August 21, 2026. GL X was issued in June to authorize the production, delivery, and sale of Iranian crude, petrochemical products, and petroleum products. See our earlier summary here. OFAC replaced GL X with a narrow wind-down authorization issued as Iran General License X1 (“GL X1”). Under GL…
On June 25, 2026, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued General License No. 60 (“GL 60”) to authorize transactions related to earthquake relief efforts that would otherwise be prohibited under the Venezuela Sanctions Regulations, 31 CFR Part 591 (“VSR”). GL 60 is in effect through 12:01 am ET on October 23, 2026. Transactions for US Persons authorized by GL 60 include those involving the Government of Venezuela (“GOV”) and Specially…
On June 22, 2026, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) published a new general license (Iran General License X or “GL X”) as the first step in implementing the US-Iran Memorandum of Understanding (“MOU”) to end recent hostilities in the Middle East. The MOU has not been formally or officially published by US Government agencies such as the State or Treasury Departments but its text has widely been reported and confirmed…