The US Treasury Department issued a temporary general license following talks with Iran in Switzerland. The license permits the production, delivery, and sale of Iranian oil for 60 days.
Statement from the Ministry
In a released statement, the Treasury Department announced that this step was taken within the framework of 'productive talks' held in Switzerland. The ministry stated that Iran has made a commitment to adhere to the freedom of navigation and passage in the Strait of Hormuz.
Background of the agreement
This authorization comes under a memorandum of understanding signed between Washington and Tehran, which provides exemptions following the US ban on Iranian crude oil exports that has been in place since August 2018. The two countries had announced on June 14 that they reached a 14-point understanding, prepared with Pakistan's mediation, aimed at stopping the war.
Known as the 'Islamabad Accord', this agreement was electronically signed by Iranian President Masoud Pezeshkian and US President Donald Trump and entered into force on June 18. The agreement includes provisions for ending the war in Lebanon, reopening the Strait of Hormuz, and lifting the naval blockade imposed on Iran.