The United States has suspended key sanctions on Iran’s oil sector for 60 days, marking the first major economic measure implemented under the recently announced Islamabad Memorandum of Understanding between Washington and Tehran.
The US Treasury Department announced on Monday the issuance of a temporary general licence authorising transactions related to the production, sale, transport and delivery of Iranian oil and petroleum products until 21st August 2026.
The measure also covers petrochemical products of Iranian origin and permits associated financial transactions and payments connected to authorised activities.
US Treasury Secretary Scott Bessent said the decision was linked to ongoing diplomatic efforts between the two countries.
READ: Iran exports 36M barrels of oil since US-Iran agreement announced
