The U.S. Treasury Department on Monday issued a temporary 60-day general license authorizing the production, delivery and sale of Iranian-origin oil and petroleum products.
The move follows what U.S. Treasury Secretary Scott Bessent described as "productive talks" in Switzerland, where he said Iran had committed to ensuring free and open transit through the Strait of Hormuz and allowing International Atomic Energy Agency inspectors into the country.
The decision had been expected. Under a memorandum of understanding between the United States and Iran unveiled last week, Washington agreed to immediately waive sanctions on Iranian oil exports as part of a broader ceasefire arrangement.
The waiver could help boost Iran's economy by allowing it to sell more oil and potentially secure higher prices for its exports, local media reported Monday.
U.S. issues temporary license for Iranian oil sales
Iran's Central Bank Governor Abdolnaser Hemmati said on Monday that the first round of high-level talks between the U.S. and Iran in Switzerland had significantly advanced efforts to release frozen Iranian assets, while the U.S. side suggested the funds could be channeled toward American farm exports.
Hemmati told the country's semi-official Tasnim News Agency that "significant progress" had been made on the asset releases, with the relevant documents signed during the negotiations.
Referring to the unfreezing of the central bank's overseas assets as one of the most complex items on the agenda, the central bank chief said the funds will be phased into use in the coming days, in accordance with conditions and procedures established by the bank.
Regarding the export of oil and petroleum products, Hemmati said the two parties have agreed that the Office of Foreign Assets Control under the U.S. Treasury Department will be responsible for sanctions waivers for Iranian oil and petrochemical shipments.
After the U.S. and Iran held high-level talks at Switzerland's Burgenstock resort, U.S. Vice President JD Vance told reporters on Monday that if the U.S. agreed to unfreeze Iranian assets, the funds could be used to purchase American soybeans, corn and wheat.
Iran reports significant progress on asset unfreezing as US eyes agricultural exports
