GENEVA — The United States Treasury Department announced Monday that it has issued a 60-day general license authorizing Iranian crude oil, petrochemical, and petroleum product production, delivery, and sales, as part of ongoing negotiations between Washington and Tehran.
The license, effective immediately, permits transactions that were previously prohibited under multiple U.S. executive orders and regulations. The authorization extends through August 21, 2026, and includes provisions allowing the export of Iranian oil to authorized international buyers, effectively easing secondary sanctions on specific foreign entities.
U.S. Treasury Secretary Scott Bessent confirmed the development in a post on social media, stating that the waiver represents a significant development in the ongoing talks between the two countries. “Iran has committed to ensuring freedom of navigation through the Strait of Hormuz and to allowing International Atomic Energy Agency inspectors access to its territory,” Bessent wrote.
The announcement came as U.S. and Iranian delegations concluded two days of negotiations in Switzerland at the Bürgenstock resort. According to a joint statement from mediators Qatar and Pakistan, the talks produced “encouraging progress” toward a comprehensive agreement to be finalized within 60 days.
Iranian Foreign Minister Abbas Araghchi said on social media that the sanctions waiver, the lifting of banking restrictions, and the unfreezing of some assets represented significant developments. “A major Iranian reconstruction and development program has also been launched,” Araghchi stated.
Central Bank of Iran Governor Mohammad Reza Farzin also reported “significant progress” on the unfreezing of Iranian assets held abroad, with documents signed during the latest round of negotiations.
The agreement includes provisions for establishing communication channels to ensure safe passage of commercial vessels through the Strait of Hormuz, a critical global oil shipping route. A conflict resolution mechanism for Lebanon, where Hezbollah operates, was also agreed upon, with mediators assisting in establishing the relevant mechanisms.
Technical-level negotiations will continue at Bürgenstock throughout the week, addressing remaining differences on Iran’s nuclear program and the complete lifting of sanctions. The 60-day timeline mirrors the framework established in the original Islamabad Memorandum of Understanding signed earlier this year.
