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US grants 60-day waiver on Iranian oil sanctions as part of interim deal to end war
The move allows nations importing Iranian oil and other energy products to maintain transactions for the next two months under the terms of the license.
The US treasury has issued a 60-day license permitting countries to continue purchasing Iranian oil, providing temporary relief from sanctions restrictions.
US Treasury Secretary Scott Bessent took to social media on Monday to say that the US would "continue to make the world safer and more prosperous."
"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," he wrote.
"As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil," Bessent added.
The license authorises the production, delivery and sale of Iranian oil and will remain in effect through August 21.
The move came on Monday as US Vice President JD Vance said his lengthy talks with senior Iranian officials in Switzerland had created a "good foundation for a successful final deal."
Negotiators are seeking a permanent end to the US-Iran war.
All ‘necessary’ transactions part of license
The Office of Foreign Assets Control (OFAC) on Sunday released General License X, titled "Authorizing the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian-Origin through August 21, 2026."
According to the document, all transactions that are "ordinarily incident and necessary to the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin" are authorized under the license.
The document states: “(a) Except as provided in paragraph (b) and (c), all transactions prohibited by the above-listed authorities that are ordinarily incident and necessary to the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin, including transactions involving vessels blocked under the above-listed authorities, are authorized through 12:01 a.m. eastern daylight time, August 21, 2026.”
The move effectively allows countries importing Iranian oil and other energy products to maintain transactions for the duration of the license, despite broader US sanctions targeting Tehran.
