The U.S. Treasury announced on Monday a temporary and significant easing of sanctions on Iran, directly affecting the production, supply and sale of Iranian crude oil, petroleum products and petrochemicals. The new general license will run until August 21 and authorizes transactions tied to the import of Iranian oil, fuel products and petrochemicals.
The waiver also covers related services such as banking, insurance and transportation. Treasury said the move is part of a memorandum of understanding signed last week between Washington and Tehran, under which the U.S. agreed to grant temporary exemptions for Iranian oil exports and related commercial activity.
In return, Iran committed to keep the Strait of Hormuz open to free shipping and to allow International Atomic Energy Agency inspectors into its territory. Treasury Secretary Scott Bessent said after the announcement, “Under President Trump and Vice President Vance, we continue to make the world safer and more prosperous.” He said the talks in Switzerland and the progress achieved there led Treasury to issue a 60-day general license for the production, transport and sale of Iranian oil.
Earlier, Vice President JD Vance said the talks with Iran had made “great progress.” He said one central element of the understanding is the creation of a mechanism to ensure the Strait of Hormuz remains open, including clearing mines from the waterway.
