The United States has relaxed restrictions on Iranian oil exports until August 21. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued Iran General License X, allowing the production, delivery, and sale of Iranian-origin crude oil, petrochemical products, and petroleum products. This authorization covers various activities related to Iranian energy exports, including transactions involving vessels under US sanctions authorities.
Negotiations between the US and Iran are ongoing in Switzerland, with Vice President J D Vance mentioning significant progress. The new license, broader than a previous waiver, permits transactions associated with the production, sale, delivery, and offloading of Iranian-origin energy products. Payments for Iranian oil products can now be made in US dollar-denominated funds.
The license also enables the importation of Iranian-origin crude oil, petrochemical products, and petroleum products into the US when necessary for authorized sales, deliveries, or offloading operations. It covers activities essential for the safe docking of vessels carrying Iranian-origin oil, crew health and safety, emergency repairs, and environmental protection measures. Negotiators in Switzerland expressed optimism for further progress in the talks.
