OFAC Publishes Iran Oil General Licenses X and X1

The Office of Foreign Assets Control (OFAC) issued a notice (FR Doc 2026-20010) publishing General License X and General License X1. GL X was issued on June 21, 2026 to authorize certain Iranian-origin oil transactions, and GL X1 became effective on July 7, 2026, revoking and superseding GL X. GL X1 expired at 12:01 a.m. eastern daylight time on July 17, 2026.

GL X authorized the production, delivery, sale, and offloading of Iranian crude oil, petrochemical products, and petroleum products through August 21, 2026. It covered transactions ordinarily incident and necessary to those activities, including vessel docking, crew safety, emergency repairs, and services such as vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification, and salvage. Payments to Iran or blocked persons could be made in U.S. dollar-denominated funds, but the license excluded any transaction involving persons in North Korea, Cuba, the Covered Regions of Ukraine, the Crimea Region of Ukraine, or entities owned or controlled by them.

GL X1 revoked GL X in its entirety and authorized only wind-down transactions for the period ending July 17, 2026. Payments to blocked persons under the wind-down must be made into a blocked, interest-bearing account located in the United States. The license expressly prohibited any new purchases or loading of Iranian oil products on or after July 7, 2026, while retaining the same exclusions for North Korea, Cuba, and the specified Ukrainian regions.

Both licenses and related guidance are available on OFAC's website at https://ofac.treasury.gov/. For further information, contact the OFAC Assistant Director for Regulatory Affairs at 202-622-4855.