Washington: United States Monday eased restrictions on Iranian oil exports through August, hours after Vice President JD Vance said negotiators had made “great progress” in Switzerland and as talks with Tehran continued on nuclear issues, maritime security and the future of the Strait of Hormuz.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Iran General License X, authorising the production, delivery and sale of Iranian-origin crude oil, petrochemical products and petroleum products through August 21.
According to the licence, “all transactions prohibited by the above-listed authorities that are ordinarily incident and necessary to the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin” are authorised through 12:01 a.m. Eastern Daylight Time August 21.
The authorisation covers a broad range of activities linked to Iranian energy exports, including transactions involving vessels blocked under US sanctions authorities.
OFAC said the licence covers activities necessary for the safe docking and anchoring of vessels carrying Iranian-origin oil and petroleum products, preservation of crew health and safety, emergency repairs and environmental protection measures. It also covers services including vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification and salvage.
The licence authorises the importation into the United States of Iranian-origin crude oil, petrochemical products and petroleum products when such imports are ordinarily incident and necessary to authorised sales, deliveries or offloading operations.
OFAC also said payments owed to Iran, the Government of Iran or blocked persons for the purchase of Iranian-origin crude oil, petrochemical products or petroleum products “may be made in US dollar-denominated funds”.
The move came as US and Iranian negotiators continued talks in Bürgenstock, Switzerland. “We’ve already made great progress” and expressed hope for “additional progress in the hours to come,” Vance told reporters.
The new licence is broader than an earlier OFAC waiver issued in March that largely allowed the delivery and sale of Iranian oil already loaded onto vessels. General License X authorises transactions linked to the production, sale, delivery and offloading of Iranian-origin energy products through August.
