US OFAC has revoked General License X for Iranian-origin oil, petrochemical and petroleum product transactions.
General License X1 allows only a limited wind-down until 12:01 am eastern daylight time on July 17, 2026.
No new purchases or loadings are authorised from July 7, making party, cargo, vessel and service-provider checks critical for firms with sanctions exposure.
OFAC issued General License X1 on July 7, 2026, under the title Revocation and Wind Down of June 21, 2026 Authorization for the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian-Origin, as per a circular from the The American Club.
The circular said the revocation supersedes General License X and the authorisation provided under it.
The wind-down is subject to additional conditions, including that any payment to a blocked person must be made into a blocked, interest-bearing account located in the United States. The American Club said the revocation does not authorise new transactions, including purchases or loading of such products on or after July 7, 2026.
Members were reminded that cover is not available for any trade that breaches applicable sanctions. The circular advised due diligence on parties, cargoes, vessels and other service providers before entering any high sanctions-risk trade, and said records of due diligence investigations and findings should be kept.
ALCHEMPro News Desk
