OFAC issues Iran-related General License X1

Effective July 7, 2026, OFAC issued General License X1, which revokes and supersedes General License X (dated June 21, 2026, and previously set to authorize Iranian-origin crude oil, petrochemical, and petroleum product transactions through August 21, 2026). Rather than continuing that broad authorization, GL X1 shifts to wind-down terms only: transactions ordinarily incident and necessary to winding down deals previously authorized under GL X are permitted through 12:01 a.m. EDT, July 17, 2026, provided any payment to a blocked person goes into a blocked, interest-bearing U.S. account, but no new transactions (including new purchases or loading of such products) are authorized on or after July 7, 2026.