Strait of Hormuz: Sanctions Considerations

AI Summary

Following a breakdown in U.S.–Iran negotiations, the U.S. Office of Foreign Assets Control (OFAC) revoked General License X and implemented General License X1 effective July 7, 2026. GL X1 restricts activities related to the Strait of Hormuz, impacting shipping and sanction compliance in the region.

Immediate Revocation of General License X and Introduction of General Licence X1 Following the latest breakdown in the U.S.–Iran negotiations, OFAC has now revoked GL X and replaced it with General License X1 (“GL X1”). Effective from 7 July 2026, GL X1 supersedes GL X in its entirety and authorises only those activities that are ...