U.S. Temporarily Lifts Oil Sanctions on Iran for 60 Days

The United States announced it will temporarily lift oil-related sanctions on Iran for the duration of negotiations. On June 22, U.S. Treasury Secretary Scott Vance stated in a post on X (formerly Twitter) that as part of productive talks in Switzerland, Iran has committed to allowing free and open navigation in the Strait of Hormuz and the return of International Atomic Energy Agency (IAEA) inspectors.

Vance added that the Treasury Department has issued a 60-day general license permitting the production, delivery, and sale of Iranian oil.

This decision comes as a reciprocal measure following Iran's agreement to allow IAEA inspections and maintain open navigation in the Strait of Hormuz during the first follow-up negotiations after the signing of a memorandum of understanding (MOU) in Switzerland.

Vice President JD Vance stated at a press conference following the negotiations that Iran has agreed to invite the IAEA inspectors back into the country, with their activities expected to commence this week. He also mentioned the establishment of mechanisms to keep the Strait of Hormuz open and to prevent conflicts in the region, including Lebanon.

The Treasury's sanctions relief is effective until 12:01 a.m. Eastern Time on August 21, allowing Iran to sell its oil products and receive payments in U.S. dollars during this period, according to major foreign news outlets.

Copyright ⓒ Aju Press All rights reserved.