Office of Foreign Assets Control

US Treasury issues 60-day license for Iranian oil as part of emerging nuclear framework

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Seal of the United States Department of the Treasury in Washington, United States on October 26, 2021 [Yasin Öztürk/Anadolu Agency]

The US Treasury Department has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil as part of an emerging nuclear framework, Treasury Secretary Scott Bessent announced Monday, Anadolu reports.

“Under President Donald Trump and Vice President JD Vance, we continue to make the world safer and more prosperous,” Bessent wrote in a post on US social media platform X.

Bessent said: “In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz,” also claiming that Iran agreed “to permit International Atomic Energy Agency (IAEA) inspectors into their country.”

“As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil,” he added.

The license, designated General License X and issued by the Office of Foreign Assets Control, authorizes all transactions related to the production, sale, delivery, or offloading of Iranian-origin crude oil, petrochemical products, and petroleum products through Aug. 21, 2026.

READ: US vice president says ‘very good foundation’ laid for final Iran deal after Burgenstock talks

This work by Middle East Monitor is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

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