The United States has temporarily eased restrictions on Iranian oil exports following what officials described as “productive talks” between Washington and Tehran in Switzerland over the weekend.
US Treasury Secretary Scott Bessent said on Monday that the Treasury Department had issued a temporary 60-day general licence allowing the production, delivery and sale of Iranian oil.
“As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil,” Bessent said in a social media post.
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"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 (IAEA) inspectors into their country," Treasury Secretary Scott Bessent wrote on X.
The move comes amid renewed diplomatic engagement between the two countries. US Vice President JD Vance said “great progress” had been made during the Switzerland talks despite Iran's weekend announcement that it had closed the Strait of Hormuz.
However, US Central Command said the strategic waterway remained open. Under a memorandum of understanding signed last week between Washington and Tehran, the U.S. agreed to grant sanctions waivers allowing the export of Iranian crude oil, petroleum products and derivatives, along with related services such as banking, insurance and transportation.
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The license also permits payments to Iran in U.S. dollar-denominated funds. However, entities linked to Cuba, North Korea and Crimea remain excluded from the arrangement.
The U.S. first imposed sanctions on Iran in 1979 following the seizure of the American Embassy in Tehran during the Islamic Revolution. Additional restrictions were later introduced over Iran's nuclear programme and its support for groups designated by Washington as terrorist organisations.
Independent Chinese refiners have remained the primary buyers of Iranian oil, benefiting from discounted supplies amid sanctions. Before the U.S. reinstated sanctions in 2018, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey were among the major importers of Iranian crude.
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