Post by Norton Rose Fulbright

The US Treasury's Office of Foreign Assets Control (OFAC) has issued a broad new general license temporarily authorizing a wide range of transactions involving Iranian-origin crude oil, petroleum and petrochemical products. Stefan Reisinger, Ginger Faulk and Kelly Zhang examine the scope of Iran-related General License X, its implications for energy, commodities, shipping, insurance and financial institutions, and the compliance considerations market participants should evaluate before relying on the authorization. https://ow.ly/K7Kc50Zg3b3