OFAC issues General License X for Iranian-origin oil, petrochemicals and petroleum products

WASHINGTON, June 22, 2026 — The U.S. Treasury’s Office of Foreign Assets Control published General License X, authorizing through 12:01 a.m. Eastern daylight time on Aug. 21, 2026, transactions that are ordinarily incident and necessary to the production, sale, delivery or offloading of crude oil, petrochemical products and petroleum products of Iranian origin. The authorization also covers transactions involving vessels blocked under the cited Iran, Russia- and terrorism-related authorities.

The license says covered activities include safe docking and anchoring of vessels carrying those cargoes, crew health and safety measures, emergency repairs, environmental mitigation or protection work, and related maritime services such as vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification and salvage. It also states that the covered Iranian-origin products include those produced by entities sanctioned under certain Iranian sanctions programs and the Global Terrorism Sanctions Regulations.

OFAC further said the authorization includes imports into the United States when those imports are ordinarily incident and necessary to the authorized sale, delivery or offloading of the cargoes. It also permits payments owed to Iran, the Government of Iran or any blocked person for such purchases to be made in U.S. dollar-denominated funds.

The general license does not authorize transactions involving persons located in or organized under the laws of North Korea, Cuba, the covered regions of Ukraine or Crimea, or entities owned or controlled by, or in joint venture with, such persons. It also does not override prohibitions imposed by other executive orders or sanctions regulations not specifically referenced in the license.