OFAC revokes Iran General License X, issues X1
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has revoked Iran-related General License X and issued Iran-related General License X1. This action amends the existing sanctions authorizations, replacing the previous license with a new framework.
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The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has revoked Iran-related General License X. The regulatory action involves the issuance of a new authorization, Iran-related General License X1, which amends the previously existing license.
Regulatory Changes
The revocation of General License X marks a shift in the specific sanctions authorizations previously available to US persons. The issuance of General License X1 introduces amended terms that replace the revoked framework.
License Details
| Action | License Designation |
|---|---|
| Revoked | Iran-related General License X |
| Issued | Iran-related General License X1 |
The transition from General License X to General License X1 alters the compliance landscape for entities engaging in activities covered by these Iran-related authorizations.
What specific activities authorized under the previous license are now excluded or restricted under General License X1?
How will this regulatory shift impact ongoing business operations and contracts for US entities currently engaged with Iran?
Does the issuance of General License X1 signal a broader tightening of US sanctions policy towards Iran in the near future?
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