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 X1, parties are authorized through 12:01 am EDT on July 17, 2026, to engage in activities that are ordinarily incident and necessary to the wind down of transactions that were authorized by GL X. GL X1 explicitly states that it does not authorize any new transactions, including purchases or loading of products on or after July 7. Furthermore, GL X1 now requires any payments to blocked persons be deposited into an interest-bearing account in the United States. As of the publication of this post, there is no announcement from the Treasury or State Departments or the White House providing any further guidance on this development.
