U.S. Treasury's Sanctions Relief Revoked, Leaving Iranian Oil Exports Uncertain

The U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) issued and then revoked General License X, which provided sanctions relief to Iran-related transactions involving oil exports.

The license was part of a broader Memorandum of Understanding between the U.S. and Iran, but its scope was limited by not including carve-outs for IRGC-related transactions or public State Department waivers.

This made it difficult for companies to take advantage of the authorization, particularly given the significant role the Islamic Revolutionary Guard Corps plays in Iran's oil sector.