OFAC Issues General License X1, Withdrawing General License X's Grant of Broad Sanctions Relief on Iran's Oil and Petroleum Sector

Short summary

OFAC revoked General License X on July 7, 2026, replacing it with GLX1, which ends broad sanctions relief on Iranian oil and petroleum products. New transactions including purchases and loadings are no longer authorized; only wind-down activities are permitted. Payments must now go into blocked interest-bearing U.S. accounts rather than direct U.S. dollar transfers to Iran.

• •OFAC issued GLX1 on July 7, 2026, revoking the broad Iran oil trade authorization from GLX
• •New transactions in Iranian crude, petrochemicals, and petroleum products are no longer authorized
• •Payments must now be made into blocked interest-bearing U.S. accounts, releasable only via OFAC license

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