Washington has narrowed a recent Iran trade authorization while also freezing more than $130 million tied to Iran-linked digital wallets. The US Treasury’s Office of Foreign Assets Control revoked Iran General License X and replaced it with General License X1, giving traders until July 17 to wind down certain blocked transactions.
OFAC Replaces Iran License With 10-Day Wind-Down Window
OFAC revoked General License X on July 7, only weeks after the earlier authorization had allowed certain transactions involving Iranian-origin crude oil and petrochemical products. The replacement license removes broader trade permission and blocks new transactions involving Iranian-origin products from that date.
General License X1 allows only the orderly closing of existing positions tied to certain blocked persons or vessels. Cargo offloading linked to covered blocked vessels may continue during the wind-down period, but the authorization expires after the 10-day window.
The shift comes as US officials increase pressure on Iranian oil sales and shipping networks. Treasury said the action follows renewed attacks in the Strait of Hormuz and broader efforts to target sanctions evasion tied to Iran’s energy trade.
Treasury Freezes $130M Tied to Iran-Linked Wallets
Treasury Secretary Scott Bessent said OFAC sanctioned multiple wallets tied to the Central Bank of Iran, leading to the freeze of more than $130 million. He said Treasury remains focused on Iran’s illicit financial activity, including “its abuse of digital assets.”
The action adds crypto compliance to the wider Iran sanctions push. Crypto exchanges, over-the-counter desks, stablecoin issuers, and blockchain monitoring firms must now check whether wallets, counterparties, or transaction routes touch blocked Iranian entities.
.@USTreasury is committed to disrupting and degrading Iran’s illicit financial activities, including its abuse of digital assets. Today, Treasury’s Office of Foreign Assets Control sanctioned multiple wallets tied to the Central Bank of Iran, resulting in the freeze of over $130…
— Treasury Secretary Scott Bessent (@SecScottBessent) July 14, 2026
General License X1 does not name specific crypto assets. However, firms still need to screen blockchain activity, shipping links, and sanctioned parties before processing transactions.
Shamkhani Network Faces New Sanctions
OFAC also sanctioned more than 50 individuals, entities, and vessels connected to Mohammad Hossein Shamkhani’s network. Treasury said the network remains involved in Iranian oil exports, container shipping, and commodities trading through firms and vessels operating across several countries.
Bessent said, “Treasury is shutting down the financial infrastructure that allows the regime to continue its threats to U.S. national security and global shipping.” He also said,
“The Iranian regime survives on deception, and the Shamkhani network is one of its most profitable engines.”
After July 17, transactions linked to covered blocked parties or vessels will fall outside the wind-down permission. Traders, financial firms, and digital asset platforms now have a short deadline to review exposure and close permitted activity.
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