OFAC Issues General License Authorizing Certain Transactions Incident and Necessary to the Sale, Delivery, or Offloading of Iran-Origin Crude and Petroleum Products

Short summary

On June 22, 2026, OFAC issued General License X authorizing Iranian crude oil and petroleum transactions for 60 days. The license permits importation, related services, and dollar payments to Iran while excluding North Korea, Cuba, and specified Ukraine regions. U.S. persons must conduct due diligence and consult legal counsel before proceeding.

• •OFAC issued General License X permitting Iranian crude oil and petroleum product transactions through August 21, 2026
• •License covers importation, related services, and U.S. dollar payments to Iran and designated SDNs
• •Excludes entities from North Korea, Cuba, and specified regions; requires legal compliance review

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