US Treasury Amends Iran Sanctions License for Oil and Petrochemical Wind-Down

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced the revocation of Iran-related General License X, replacing it with General License X1, which outlines the wind-down of authorization for Iranian crude oil, petrochemical, and petroleum products.

Effective July 7, 2026, the new General License X1 supersedes the previous General License X, originally dated June 21, 2026. This amendment specifically addresses the cessation of activities related to the production, delivery, and sale of these Iranian-origin goods.