The US Treasury Department’s Office of Foreign Assets Control (Ofac) issued this Monday, the 22nd, the general license that allows Iran to produce, deliver and sell crude oil and other petrochemical products until August 21, 2026.
Transactions authorized by the license include the import into the US of crude oil, petrochemicals and petroleum products of Iranian origin, Ofac said in a statement.
The relief, however, does not authorize transactions involving North Korea or Cuba, countries heavily sanctioned by Washington.
According to the department, any payment of funds owed to Iran, the Iranian government or any authorized person may be made in funds denominated in US dollars.
“In line with productive ongoing talks in Switzerland, Iran has committed to free and open transit through the Strait of Hormuz and to allowing International Atomic Energy Agency (IAEA) inspectors into its country,” Treasury Secretary Scott Bessent said in the X. “As part of the framework, Treasury has issued a 60-day temporary general license authorizing the production, delivery and sale of Iranian oil.”
