OFAC Revokes Iranian Oil General License; BIS Updates Semiconductor Export Rules for China
AFS Law's July 2026 customs and trade roundup documents two significant enforcement-adjacent actions. OFAC revoked its Iranian oil general license after just two weeks, following renewed attacks in the Strait of Hormuz, leaving only a short wind-down window — illustrating how rapidly sanctions authorizations can reverse in the US-Iran military conflict context. Separately, BIS revised its licensin
BY FRONTIER DESK · JULY 30, 2026 · 1 MIN READ
AFS Law's July 2026 customs and trade roundup documents two significant enforcement-adjacent actions. OFAC revoked its Iranian oil general license after just two weeks, following renewed attacks in the Strait of Hormuz, leaving only a short wind-down window — illustrating how rapidly sanctions authorizations can reverse in the US-Iran military conflict context. Separately, BIS revised its licensing policy for semiconductor exports to China (H200, AMD MI325X, and similar chips), moving to a case-by-case review provided specified security requirements are met — a partial relaxation from Biden-era diffusion rules that Sen. Warren is challenging via the Export Control Reform Act of 2018. For law firms advising on sanctions compliance and export controls: the OFAC reversal is a reminder that general licenses can be withdrawn on short notice and that wind-down periods provide limited buffer; the BIS semiconductor liberalization requires a case-by-case assessment of whether the security requirements are satisfied before any transaction proceeds.