WASHINGTON, June 22 (IANS) — The United States on Monday eased restrictions on Iranian oil exports through August. This action occurred hours after Vice President J D Vance said negotiators had made "great progress" in Switzerland.
The move coincided with ongoing talks between Washington and Tehran regarding nuclear issues, maritime security, and the future of the Strait of Hormuz.
General License X issued
The Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Iran General License X. The license authorizes the production, delivery, sale, importation into the United States, and offloading of Iranian-origin crude oil, petrochemical products, and petroleum products.
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 on August 21.
Scope of authorization
The authorisation covers a broad range of activities linked to Iranian energy exports. This includes transactions involving vessels blocked under US sanctions authorities when such activities are "ordinarily incident and necessary" to the production or sale of Iranian-origin energy exports, according to OFAC.
OFAC said the licence covers activities necessary for specific operational requirements:
- Safe docking and anchoring of vessels carrying Iranian-origin oil and petroleum products
- Preservation of crew health and safety
- Emergency repairs
- Environmental protection measures
The license also covers services including vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification, and salvage.
Importation and payments
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" under the license terms.