Washington, June 22: The United States has announced a temporary easing of restrictions on Iranian oil exports until August. This decision follows remarks from U.S. Vice President J.D. Vance, who indicated significant progress in ongoing discussions in Switzerland. These talks focus on nuclear issues, maritime security, and the future of the Strait of Hormuz between the U.S. and Iran.
The Treasury Department’s Office of Foreign Assets Control (OFAC) has issued “Iran General License X.” This license permits the production, delivery, and sale of crude oil, petrochemical products, and other petroleum products from Iran until August 21.
According to the license, all necessary transactions related to the production, sale, delivery, or offloading of Iranian crude oil, petrochemical products, and petroleum products that were previously restricted will remain authorized until 12:01 AM (Eastern Daylight Time) on August 21.
This authorization covers various activities related to Iranian energy exports, including transactions involving vessels that were previously blocked under U.S. sanctions.
OFAC stated that the license allows for the safe docking and anchoring of vessels carrying Iranian oil and petroleum products, ensuring crew safety and health, emergency repairs, and environmental protection activities.
Additionally, services related to vessel management, crew provision, bunkering, pilot services, registration, flagging, insurance, technical classification, and rescue operations are also approved under this license.
The license also permits the import of crude oil, petrochemical, and petroleum products from Iran into the U.S., provided they are linked to authorized sales, deliveries, or offloading.
OFAC further noted that payments for Iranian oil and petroleum products can be made in U.S. dollars to Iran, the Iranian government, or restricted individuals. This step comes as representatives from the U.S. and Iran continue their negotiations in Bürgenstock, Switzerland.
J.D. Vance told reporters that they have already made considerable progress and expressed hope for further advancements in the coming hours.
This new license is significantly broader than the previous OFAC waiver issued in March, which primarily allowed the delivery and sale of Iranian oil cargoes already loaded on vessels. In contrast, “General License X” authorizes transactions related to the production, sale, delivery, and offloading of Iranian energy products until August.
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