WASHINGTON: The United States has granted Iran permission to sell crude oil and petrochemical products on a temporary basis. The U.S. issued a general license allowing Iran to export these commodities, with the U.S. Treasury Secretary announcing via social media that sanctions on Iranian oil and petrochemicals are being temporarily lifted. This decision was made following negotiations in Switzerland.
According to the U.S. Treasury Department, the license permits the production and export of Iranian crude oil and petrochemical products. Under this license, Iran will be allowed to sell and export crude oil until August 21, 2026. Additionally, the license permits Iran to import Iranian crude oil, petrochemicals, and petroleum products into the United States.
It is noteworthy that the U.S. had previously imposed sanctions on Iranian oil sales. Recently, Reuters cited a senior Iranian official indicating that, under a proposed agreement, the U.S. would relax sanctions on Iranian oil for a specified period, allowing Iran to sell oil and access its revenue. The report also suggested that until a final agreement is reached, the U.S. would refrain from imposing new economic sanctions on Iran.
