The U.S. has eased sanctions on Iranian oil for 60 days
The U.S. has temporarily eased sanctions on Iran's oil sector following talks with Tehran in Switzerland. The decision will remain in effect until August 21, 2026.
This was announced by U.S. Treasury Secretary Scott Bessent.
According to a decision by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, transactions related to the production, sale, transportation, and unloading of Iranian crude oil, petroleum products, and petrochemical products are permitted for 60 days.
The authorization even extends to certain transactions involving vessels subject to sanctions under programs related to Iran, Russia, the financing of terrorism, and the proliferation of weapons of mass destruction.
The U.S. Treasury Department explained that the license was issued in accordance with a memorandum of understanding signed between Washington and Tehran on June 17.
According to Bessent, during the negotiations in Switzerland, Iran committed to ensuring the free passage of ships through the Strait of Hormuz, as well as granting IAEA inspectors access to its nuclear facilities.
At the same time, OFAC emphasized that the sanctions regime against Iran has not been completely lifted. Restrictions remain in effect regarding individuals and companies associated with North Korea, Cuba, Russian-occupied Ukrainian territories, as well as other U.S. sanctions programs.
Source: U.S. Department of the Treasury.
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