World
US issues temporary license for Iranian oil sales
Under a memorandum of understanding between the United States and Iran unveiled last week, Washington agreed to immediately waive sanctions on Iranian oil exports as part of a broader ceasefire arrangement.
The move follows what U.S. Treasury Secretary Scott Bessent described as "productive talks" in Switzerland. (AFP photo)
By: Xinhua News Agency, Journalist @New Vision
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NEW YORK — The U.S. Treasury Department on Monday issued a temporary 60-day general license authorising the production, delivery and sale of Iranian-origin oil and petroleum products.
The move follows what U.S. Treasury Secretary Scott Bessent described as "productive talks" in Switzerland, where he said Iran had committed to ensuring free and open transit through the Strait of Hormuz and allowing International Atomic Energy Agency inspectors into the country.
The decision had been expected. Under a memorandum of understanding between the United States and Iran unveiled last week, Washington agreed to immediately waive sanctions on Iranian oil exports as part of a broader ceasefire arrangement.
The waiver could help boost Iran's economy by allowing it to sell more oil and potentially secure higher prices for its exports, local media reported Monday.