US Approves Iranian Oil Sales

The US Treasury Department has taken the promised step in line with the agreement reached between Washington and Tehran last week, formally authorizing the production, delivery, and sale of Iranian oil.The general license was announced while talks between the two sides on a final peace agreement are ongoing. The license allows for the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products until August 21.

In line with the constructive talks in Switzerland, Iran has committed to allowing free and open transit passage in the Strait of Hormuz and granting access to International Atomic Energy Agency (IAEA) inspectors. Within the framework of the agreement, the Treasury Department has published a 60-day temporary general license authorizing the production, delivery, and sale of Iranian oil.

The license published today also covers the importation of Iranian crude oil, petrochemicals, and petroleum products into the US. The license permits the importation of Iranian oil into the US when the sale or delivery is completed.However, the license does not cover transactions related to North Korea or Cuba, which are subject to severe US sanctions.