Treasury Department authorizes Iranian oil sales under 60-day license
- On Monday, the United States Treasury issued a 60-day sanctions waiver allowing Iran to produce and sell crude oil and petrochemicals in U.S. dollars through August 21, 2026, reversing decades of economic pressure on the Islamic Republic.
- This sanctions relief follows a memorandum of understanding signed last week between the US and Iran, with negotiations in Switzerland aiming to establish a framework for a permanent peace deal.
- The license could unlock a floating inventory of around 67 million barrels of Iranian crude, handing Iran a potential financial windfall of $8 to $9 billion; "all switched on at once," said Miad Maleki, a former Treasury sanctions official.
- While Iran has contacted refiners in India, South Korea, and Japan, these major Asian importers remain cautious due to policy uncertainty, whereas China accounts for roughly 90% of Iranian oil exports and is rushing to replenish stockpiles before August.
- Iran will likely use this 60-day window to repair war-damaged facilities and secure long-term contracts with Chinese buyers; "this will be a huge boost to Iran, both to its economy and its sense of victory," said Michael Feller of Geopolitical Strategy.
272 Articles
272 Articles
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