WASHINGTON, June 22 — The U.S. Department of the Treasury on Monday issued a temporary 60-day general license authorizing transactions related to the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products, marking a significant shift in sanctions policy amid ongoing diplomatic talks aimed at easing Middle East tensions.
The move follows what officials described as a diplomatic breakthrough linked to efforts to reduce regional conflict and improve maritime security in the Strait of Hormuz.
The newly issued license permits all operations involving the extraction, transport, and trade of Iranian-origin petroleum and petrochemical products. According to official documentation, all transactions previously restricted under U.S. sanctions are authorized until 12:01 a.m. Eastern Daylight Time on August 21, 2026.
The measure aligns with commitments to provide waivers for the export of Iranian oil and related products, including supporting services such as insurance, maritime transport, and financial processing.
U.S. Treasury Secretary Scott Bessent said the decision reflects progress in ongoing negotiations in Switzerland.
“In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency inspectors into their country,” Bessent said in a post on X.
He added that the Treasury Department has issued the temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil as part of the framework under discussion.
The authorization also extends to the importation of Iranian-origin crude and petroleum products into the United States, provided such transactions are necessary to complete sales or deliveries under the waiver terms.
The Treasury Department clarified that the exemptions do not apply to transactions involving North Korea or Cuba, which remain subject to existing U.S. sanctions.
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