PNN – The US Treasury Department’s Office of Foreign Assets Control released full details of the agency’s new authorization regarding the exemption of Iranian oil exports in a statement.
According to the report of Pakistan News Network; The U.S. Treasury Department, through General License X, temporarily suspended some restrictions on Iranian oil transactions and authorized certain transactions involving Iranian crude oil, petroleum products, and petrochemical products until August 21, 2026.
Issued by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the license authorizes all transactions that are ordinarily necessary for the production, sale, delivery, transportation, or discharge of Iranian crude oil, petrochemical products, and petroleum products until 00:01 a.m. on August 21, 2026.
The text of this license specifies that this exemption even includes some ships that were previously subject to US sanctions, provided that their activities are within the framework of operations related to the production, sale, transfer, or unloading of Iranian oil and products.
Imports of Iranian oil into the United States also permitted
Under the terms of General Authorization No. X, the import of crude oil, petroleum products, and petrochemical products of Iranian origin into the United States is also permitted if it is part of a permitted sale, delivery, or discharge of these products.
Possibility of making payments to Iran in dollars
Another part of the document states that payments for the purchase of Iranian crude oil, petrochemicals, and petroleum products can be made in dollars. Accordingly, payments to Iran, the Iranian government, or sanctioned individuals for the purchase of these products can be made in US dollars.
Ancillary services are also subject to the license
In addition to the sale and transportation of oil, this license also covers a wide range of related services, including:
Borrowing and anchoring of ships carrying Iranian oil and products;
Ship management services;
Crew provision;
Ship bunkering;
Maritime pilotage;
Ship registration and flagging;
Insurance services;
Ship technical classification;
Marine salvage operations;
Emergency repairs and environmental measures related to oil and ships.
License Exceptions
The US Treasury Department also announced that the license does not include individuals and entities associated with North Korea, Cuba, sanctioned areas of Ukraine, as well as activities prohibited under other US sanctions regimes.
An important step in easing oil restrictions
The issuance of this license comes at a time when some of the economic sanctions against Iran are being reviewed following the recent agreement between Tehran and Washington. The new license can be considered one of the most important practical measures in facilitating the export of Iranian oil and petrochemical products and reducing financial and trade restrictions related to this sector.