US Treasury revokes Iran oil authorization

The US Treasury Department revoked a June 21 authorization for the production, delivery and sale of Iranian-origin crude oil, petrochemical products and petroleum products, replacing it with a new general license effective Tuesday.

The Treasury’s Office of Foreign Assets Control said General License X was revoked and superseded in its entirety by General License X1.

The new license allows companies until July 17 to wind down transactions previously authorized under the June 21 waiver but bars new purchases or loading of Iranian-origin crude oil, petrochemical products or petroleum products from July 7.

Any payment to a blocked person must be made into a blocked, interest-bearing account in the United States, OFAC said.