US Treasury eases santions, issues 60-day license for Iranian oil amid progress in peace talks
Washington, DC, June 22
In a major shift in Middle Eastern energy and security dynamics, the US Department of the Treasury on Monday issued a temporary 60-day general license authorising transactions related to the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products. The move follows a significant diplomatic breakthrough aimed at easing regional tensions and reopening the critical Strait of Hormuz.
The newly issued general licence permits all operations related to the extraction, transport, and trade of Iranian-origin petroleum and petrochemical products.
According to official documentation, "all transactions" previously restricted under US sanctions regarding these activities are authorised until 12:01 a.m. Eastern Daylight Time on 21 August 2026.
This development aligns with commitments to provide waivers for the export of Iranian oil and derivatives, alongside essential supporting services, including insurance, maritime transport, and financial processing.
US Treasury Secretary Scott Bessent confirmed that the decision reflects the advancement of bilateral discussions currently underway 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," Bessent stated in a post on X.
He added, "As part of the framework, Treasury has issued a temporary 60-day general licence authorising the production, delivery, and sale of Iranian oil."
The authorisation further extends to the importation of Iranian-origin crude and petroleum products into the United States, provided such transactions are required to conclude sales or deliveries under the new waiver terms.
The Treasury Department clarified that these exemptions do not extend to dealings involving North Korea or Cuba, which remain under strict US sanctions regimes.
— ANI
Reader Comments
Finally some sanity in the Middle East! 🌐 As an Indian, I'm relieved that tensions might ease—our diaspora there and oil prices directly impact us. But 60 days is too short; this needs to be permanent for real stability.
I'm skeptical. Iran has a history of using negotiations to buy time while advancing their nuclear program. The IAEA inspectors need unfettered access, not just a "permit to enter." This feels like another temporary fix rather than a solution.
As someone who follows geopolitics closely, this is a pragmatic step. For India, cheaper Iranian oil means lower fuel prices and inflation control. But we must also ensure it doesn't strain our strategic ties with the US and Gulf nations. Balance is key.
This feels like the US is rewarding Iran for a crisis they helped create! They block the Strait of Hormuz, then get a license for cooperating? 🤔 Meanwhile, countries like India that followed sanctions get no benefit. Not fair.
It's encouraging to see diplomacy working over confrontation. The 60-day window is a test—if Iran delivers on inspections and transit freedom, this could lead to broader normalization. Let's hope it doesn't unravel like the JCPOA did.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.