The license is granted following progress in peace talks; in addition to the island, North Korea, Crimea, and Ukrainian territories under pro-Russian control are also excluded.
EFE (via 14ymedio), Washington, June 22, 2026 / The United States Treasury Department issued a license on Monday authorizing the sale of Iranian-produced oil for 60 days, after describing the peace negotiations in Switzerland as “productive” and highlighting Tehran’s commitment to guaranteeing traffic through the Strait of Hormuz.
The decision by the administration of President Donald Trump opens a window through August 21 for the production, sale, transport, and import of Iranian crude, petrochemical products, and other petroleum derivatives, even though the main economic sanctions against Tehran – dating from 2019 – remain in force.
The license expressly excludes transactions involving persons or entities from North Korea, Cuba, Crimea, and the eastern Ukrainian territories under pro-Russian control.
Treasury Secretary Scott Bessent stated on X that “in keeping with the productive talks taking place in Switzerland, Iran has committed to guaranteeing free and open transit through the Strait of Hormuz and to allowing inspectors from the International Atomic Energy Agency (IAEA) to enter its territory.”
Before the imposition of the US blockade, Iran used to load more than 1.5 million barrels per day for export. Last May, that volume fell to 260,000 barrels per day.
“As part of this framework, the Treasury Department has issued a temporary 60-day general license authorizing the production, supply, and sale of Iranian oil,” Bessent said of the measure, which is included in the memorandum of understanding signed by both countries as a pathway to a definitive peace agreement.
Also on Monday, US Vice President JD Vance, speaking from Bürgenstock, Switzerland, confirmed that “very good progress” had been made on Sunday regarding negotiations with Tehran, and stated that “the Strait of Hormuz is open” and that the IAEA will be able to enter Iran.
After reaching a framework agreement, the US lifted last week the blockade on Iranian ports and coastlines that had been imposed in April to pressure the Islamic Republic, whose economy depends on oil.
Before the imposition of the US blockade, Iran used to load more than 1.5 million barrels per day for export. Last May, that volume fell to 260,000 barrels per day, according to analysis by the CNBC network.
The Iranian delegation left Switzerland on Monday, while the technical teams of both countries will continue talks throughout the week on the implementation mechanisms of the memorandum of understanding.
Translated by GH.
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