Washington temporarily eases sanctions on Iranian oil and petrochemicals. The key step is to open the way to a peace agreement and a more stable energy market.
On Monday, the US Department of the Treasury issued an authorization that lifts sanctions on the production, supply and sale of crude oil, petroleum and petrochemical products of Iranian origin for the next two months. Washington committed to this step as part of last week’s framework agreement with Tehran. TASR informs about it according to a Reuters report.
- The US Treasury has temporarily lifted sanctions on Iranian oil and products.
- The license is valid until August 21 and is related to negotiations in Switzerland.
- Iran has pledged to allow free transit in the Strait of Hormuz and IAEA inspections.
- The United States also exempted banking, insurance and shipping transactions.
- The exception does not apply to transactions involving North Korea or Cuba.
The general license, valid until August 21, was announced by the ministry during the American-Iranian negotiations in Switzerland aimed at reaching a final peace agreement, the way to which was opened by the signing of the so-called memorandum of understanding last Wednesday.
Suspension of sanctions temporarily
“In line with ongoing productive negotiations in Switzerland, Iran has committed to ensuring free and open transit in the Strait of Hormuz and allowing International Atomic Energy Agency (IAEA) inspectors to enter its country,” US Treasury Secretary Scott Bessent said Monday of the temporary lifting of sanctions on the X Network.
Under the memorandum of understanding, the United States has committed to exempting the export of Iranian oil, petroleum products and derivatives, as well as all related services such as banking, insurance and transportation.
Export of oil as a priority
Iran’s Foreign Ministry has previously indicated that it sees its oil exports as one of the key promises the US must fulfill in order for progress to be made in talks on a final peace deal.
The general license issued on Monday, according to Reuters, allows the import of crude oil, petrochemicals and petroleum products of Iranian origin into the US if necessary to complete their sale or supply. Conversely, the exemption does not apply to transactions involving North Korea or Cuba.
