On June 22, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License X “Authorizing the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian-Origin through August 21, 2026” (“General License X” or “the License”). Subject to its terms and conditions, General License X authorizes, through 12:01 a.m. eastern daylight time on August 21, 2026, “all transactions prohibited by [the Iran-related sanctions regulations listed in the License] that are ordinarily incident and necessary to the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin, including transactions involving vessels blocked [under the listed Iran-related sanctions regulations].”
The License states that transactions which are ordinarily incident and necessary to the production, sale, delivery, or offloading of such crude oil, petrochemical products, or petroleum products include: transactions for safe docking and anchoring of vessels carrying such cargoes; the preservation of the health or safety of the crew of such vessel; emergency repairs or environmental mitigation or protection activities relating to any such vessel or to such cargoes held in storage; and services such as vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification, and salvage. The License also provides that Iranian crude oil, petrochemical products and petroleum products subject to the License include those produced by entities sanctioned under certain listed Iran-related sanctions regulations.
Full advisory at the following link.