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National Law Review
National Law Review
6/29/2026
OFAC’s General License X and the Easing of Iran Energy Sanctions

OFAC’s General License X and the Easing of Iran Energy Sanctions

Short summary

OFAC issued General License X on June 22, 2026, temporarily authorizing US and non-US transactions in Iranian crude, petrochemicals, and petroleum products until August 21, 2026, covering imports, dollar payments, and blocked vessel operations. The license excludes North Korea, Cuba, Crimea, and Russia-linked entities; EU/UK sanctions remain enforceable and contractual restrictions apply. The temporary relief expires August 21 and could be revoked if US-Iran negotiations fail.

  • •GL X permits crude, petrochemical, and petroleum transactions with Iran through August 21, 2026
  • •Covers imports, dollar payments to Iran, and vessel operations; excludes North Korea, Cuba, Crimea, Russia-linked entities
  • •EU/UK sanctions and contractual restrictions remain in effect; relief is contingent on ongoing negotiations

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