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ARTICLE · 25 JUNE 2026

U.S. Sanctions On Iran: Settlement Negotiations, General License X And Status Update

Buchanan Ingersoll & Rooney
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On June 22, 2026, the Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury created an authorization for American businesses to engage in commercial transactions involving Iranian oil.

GlobalInternational Law
Amanda L. Wetzel
Amanda L. Wetzel
Daniel B. Pickard
Daniel B. Pickard
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On June 22, 2026, the Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury created an authorization for American businesses to engage in commercial transactions involving Iranian oil. This is a significant change in U.S. sanctions policy and is a direct result of the ongoing U.S.-Iran negotiations.

Specifically, OFAC issued “General License X,” which indicates that transactions prohibited by a number of Iran related sanctions that are ordinarily incident to the “production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin, including transactions involving vessels blocked” under several U.S. sanctions authorities, are authorized through 12:01 a.m. eastern daylight time on August 21, 2026. A note to this main provision of General License X allows for the importation of these products of Iranian origin into the United States and for the payment of funds owed to Iran, the Government of Iran, or any blocked

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