OFAC General License X for Iranian-Origin Oil and Petroleum Products
✅ On 22 June 2026, the U.S. Office of Foreign Assets Control (OFAC) issued General License X, temporarily authorizing certain transactions involving Iranian-origin crude oil, petrochemical products, and petroleum products.
✅ The authorization is valid until 12:01 a.m. EDT on 21 August 2026, providing a limited 60-day window for eligible transactions.
✅ Permitted activities include the production, sale, delivery, offloading, and transportation of Iranian-origin oil and petroleum products, including transactions involving certain blocked vessels, subject to the license conditions.
✅ The license also covers essential maritime services such as safe docking, anchoring, bunkering, vessel management, crewing, piloting, flagging, insurance, classification, salvage, emergency repairs, environmental protection, and crew safety.
✅ Importation of Iranian-origin oil and petroleum products into the United States is permitted only where it is directly related to transactions authorized under the license.
✅ The license does not authorize transactions involving parties from North Korea, Cuba, Crimea, or certain occupied regions of Ukraine, or any entities owned or controlled by such parties.
✅ The authorization applies only to the specified Iran-related sanctions. All other U.S., international, and UN sanctions remain fully applicable.
✅ Shipowners, operators, and service providers should continue to conduct comprehensive sanctions due diligence, maintain detailed records, and ensure that no trade breaches applicable sanctions, as insurance cover may not be available for prohibited activities.
Credit: The American Club