In a major breakthrough, the United States (US) on Monday allowed Iran to export crude oil and petrochemical products after issuing a new general license.
The US Treasury Department authorised the production, delivery and sale of Iranian oil, a move promised under an agreement reached by Washington and Tehran last week.
US Treasury Secretary said in a social media statement that sanctions on Iranian oil and petrochemical products were being temporarily eased. He said the decision was taken after recent talks held 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 (IAEA) inspectors into their country,” Treasury Secretary Scott Bessent said in a post on X.
“As part of the framework, Treasury has issued a temporary 60-day general license authorising the production, delivery, and sale of Iranian oil.”
According to the US Treasury Department, the license allows the production, transport and sale of Iranian crude oil and petrochemical products.
Under the license, Iran will be allowed to export and sell crude oil until August 21, 2026.
The Treasury Department also said the license permits the import of Iranian crude oil, petrochemical and petroleum products into the United States during the allowed period.
