What is the duration and scope of the U.S. sanctions relief on Iranian oil as announced by the U.S. Treasury Department?

The U.S. Treasury Department issued a 60-day general license authorizing the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products, effective until August 21, 2026; this license also permits the import of these Iranian oil products into the United States and exempts related banking, insurance, and transportation services under a memorandum of understanding between the U.S. and Iran.

What did Iranian Foreign Minister Hossein Amir-Abdollahian (referred to as 'Alaqaqi' in the text) state regarding the outcome of the U.S.–Iran talks in Birginsberg, Switzerland?

Iranian Foreign Minister Alaqaqi stated on social media that 'oil and petrochemical product exports have been exempted, the blockade has been lifted, some assets have been unfrozen, and a major Iranian reconstruction and development plan has been launched,' following the U.S.–Iran negotiations held in Birginsberg, Switzerland, on June 21–22.

US Temporarily Lifts Sanctions on Iranian Oil

Jun 23, 2026

The US Treasury issued a general license exempting Iranian crude oil and petrochemical products from sanctions, allowing production and trade following diplomatic negotiations.

ccin

2026-05-01

US Sanctions Iranian Currency Exchanges and Chinese Oil Terminal Over Crude Purchases

2026-06-22

US Authorizes Sale of Iranian Oil as Part of Peace Deal

2026-06-23

US Temporarily Lifts Sanctions on Iranian Oil

2026-08-20

Trump Risks China Blowback With Plan to Isolate Iran’s Economy

US Temporarily Lifts Sanctions on Iranian Oil

FAQ