The U.S. Treasury Department on Monday issued a temporary general license allowing the production, delivery and sale of oil and petroleum-related products originating in Iran, in a step pledged under an agreement reached by Washington and Tehran last week. The license runs through August 21 and was announced as both sides continue negotiations aimed at a final peace deal.
Scope of the authorization
The 60-day general license permits the production, delivery and sale of Iranian-origin crude oil as well as petrochemical and other petroleum products until August 21. It also authorizes the range of services tied to these transactions that were specified in the memorandum of understanding signed last week - notably export waivers covering crude, petroleum products and derivatives, and associated services such as banking transactions, insurances, and transportation.
According to the license language, importation of Iranian-origin crude oil, petrochemical and petroleum products into the United States is among the transactions authorized. The license clarifies that Iranian oil may be brought into the United States under the waiver when necessary to complete its sale or delivery.
Statements from Treasury
Treasury Secretary Scott Bessent, posting on X, tied the license to progress in talks taking place in Switzerland. He said: "In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country." He added: "As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil."
Limitations and exclusions
The authorization does not extend to transactions involving countries that remain heavily sanctioned by the United States. The license specifically does not authorize transactions involving North Korea or Cuba.
Context provided by the memorandum of understanding
Under the memorandum of understanding signed last week, the United States agreed to issue waivers for the export of Iranian crude oil, petroleum products and derivatives and to permit the full suite of services tied to these exports, including banking, insurance and transportation. The recent general license implements that commitment by creating a temporary regulatory pathway for production, delivery and sale through August 21 as discussions toward a broader settlement continue.
Implications for trade and logistics
The license both affirms the narrow operational permissions for shipments of Iranian-origin hydrocarbons and delineates the service sectors - finance, insurance, transport - that may support such transactions under the waiver. It also provides an explicit clause allowing U.S. importation of Iranian-origin oil where required to complete sale or delivery, while maintaining explicit prohibitions on dealings with North Korea and Cuba.
This report presents the facts as announced by the U.S. Treasury and as contained in the memorandum of understanding. It does not add or infer details beyond those publicly stated in the announcement.