US Issues General Licence X Authorising Iranian Oil Transactions Ahead of Ceasefire Deal
The United States has issued Iran-related General Licence X, broadening the scope of permitted transactions connected to Iranian oil and petrochemical trade — a significant development in the context of the ongoing US-Iran ceasefire negotiations.
The licence authorises all transactions ordinarily necessary for the production, sale, delivery, or offloading of crude oil, petrochemical products, and petroleum products of Iranian origin, including transactions involving US-sanctioned vessels.
Covered transactions include:
The licence applies to products produced by entities sanctioned under the Iranian Transactions and Sanctions Regulations, the Iranian Financial Sanctions Regulations, or the Global Terrorism Sanctions Regulations. Importers are permitted to bring covered products into the United States, and payments owed to Iran, the Government of Iran, or any US-sanctioned person may be settled in US dollar-denominated funds.
The licence authorises all transactions ordinarily necessary for the production, sale, delivery, or offloading of crude oil, petrochemical products, and petroleum products of Iranian origin, including transactions involving US-sanctioned vessels.
Covered transactions include:
- Safe docking and anchoring of vessels carrying Iranian-origin cargo
- Crew health and safety measures
- Emergency repairs and vessel management services
The licence applies to products produced by entities sanctioned under the Iranian Transactions and Sanctions Regulations, the Iranian Financial Sanctions Regulations, or the Global Terrorism Sanctions Regulations. Importers are permitted to bring covered products into the United States, and payments owed to Iran, the Government of Iran, or any US-sanctioned person may be settled in US dollar-denominated funds.
- The licence explicitly excludes transactions involving North Korea, Cuba, and certain regions of Ukraine. It expires on 21 August 2026.
