OFAC Issues Iran General License X Authorising Certain Energy and Shipping Activities
Overview
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has 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." The licence provides temporary sanctions relief by authorising a broad range of transactions involving Iranian-origin crude oil, petroleum products and petrochemical products until 21 August 2026. The issuance of General License X represents a notable development in U.S. sanctions policy towards Iran’s energy sector. It allows activities that would otherwise be prohibited under U.S. sanctions regulations, subject to the terms and conditions set out by OFAC.