Article
OFAC Issues General License X1, Withdrawing General License X's Grant Of Broad Sanctions Relief On Iran's Oil And Petroleum Sector
The U.S. Treasury Department's Office of Foreign Assets Control has abruptly revoked General License X, which briefly authorized certain transactions involving Iranian-origin crude oil and petrochemical products. The new General License X1 eliminates this temporary trade opportunity and imposes stricter payment requirements, mandating that any payments to Iran or blocked persons must now be made into blocked, interest-bearing accounts in the United States.
Katten Muchin Rosenman LLP