ERBIL, Kurdistan Region - The United States announced on Monday that it is suspending sanctions previously imposed on Iranian oil to allow Tehran to sell its oil, citing the country's commitment to the ongoing peace talks with Washington.
The Treasury Department said in a license that "all transactions" that were previously prohibited to prevent Tehran from producing, selling, and exporting its crude oil "are authorized through 12:01 am eastern daylight time, August 21, 2026."
Treasury Secretary Scott Bessent elaborated in a post on X that the 60-day general license is part of the US-Iran peace talks.
"In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country," he said. "As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil."
Mediated by Pakistan and Qatar, the first round of peace talks between Iran and the US began in Switzerland on Sunday, following the signing of a memorandum of understanding last week.
In a joint statement, the Qatari and Pakistani mediators said the inaugural session of the High-Level Committee under the Islamabad Memorandum of Understanding (MoU) ended in a "positive and constructive atmosphere" at the Lake Lucerne Summit in Burgenstock, Switzerland, adding that "encouraging progress has been made including the creation of a mechanism for further technical talks."
The mediators added that the committee had "agreed upon a roadmap towards reaching a final deal within 60 days," while technical talks would begin immediately.
The negotiations come amid efforts to secure a final agreement to end the Iran-US war following the Pakistan-brokered ceasefire reached on April 11, which sought to halt attacks involving the United States, Israel, and Iran that erupted in late February.
