On June 22, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Iran-related General License X (GL X), authorizing otherwise-prohibited transactions ordinarily incident and necessary to the production, sale, delivery or offloading of crude oil, petrochemical products or petroleum products of Iranian origin. The authorization remains in effect through 12:01 … Continue reading OFAC Authorizes Certain Iran Crude Oil and Petroleum Transactions but Questions Remain and EU and UK Sanctions Remain in Force