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The United States has lifted sanctions on Iranian oil exports for a temporary period following “encouraging” talks over ending their war in Switzerland.
The Department of Treasury issued a 60-day sanctions waiver on Monday, paving the way for the production, delivery and sale of Iranian oil.
The waiver is a condition included in the 60-day memorandum of understanding signed by Tehran and Washington last week.
U.S. Treasury Secretary Scott Bessent said that the U.S.-Iran talks have been “productive” and that several of the deal’s stipulations are moving ahead.
“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 wrote on social media. “As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery and sale of Iranian oil.”
The license covers crude oil, petrochemical products, or petroleum products of Iranian origin. It permits Iranian oil to be imported into the U.S. Nevertheless, it does not authorize transactions involving US-sanctioned North Korea, Cuba, or Russia.
The announcement came after Reuters reported that American and Iranian mediators made “encouraging progress” at the first round of talks in the Swiss resort of Burgenstock.
U.S. Vice President JD Vance voiced optimism, saying that the talks had created a “good foundation for a successful final deal” to end the war.
“The final deal is the house,” Vance told reporters. “We set the foundation. We haven’t built the house, but we’ve laid a successful foundation to get to a good place for the American people.”
The vice president noted that Iran’s team did threaten to walk out of the talks, but he defended social media posts by U.S. President Donald Trump that had caused Iranian officials to feel offended. The posts contained direct threats to the Islamic Republic, which is a violation of the deal.
“What we told the Iranians yesterday is when you guys engage in what us millennials might call ‘trash talk,’ you can’t expect the president of the United States not to respond and not to correct the record,” Vance said.
Oil prices continued their recent decline upon news of the encouraging talks, with Brent crude — the primary global benchmark used to price roughly two-thirds of the world’s internationally traded crude oil — dropping over 3.5 percent to $77.7 per barrel.
The waiver issued by the U.S. shows that the Trump administration is serious about reaching a comprehensive peace agreement with Iran. However, many issues are yet to be fully addressed in the talks, which are expected to go on for at least 60 days.
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after the irreparable damage to the gcc… “land of the freak home of the $lave” didn’t have any other cards to play!…