IRANIAN OIL SANCTIONS LIFTED FOR TWO MONTHS AS PEACE TALKS CONTINUE
ISSUANCE OF OFAC GENERAL LICENSE X ALLOWS FOR SALE OF IRANIAN OIL FOR FIRST TIME IN 8 YEARS
BY ROB WALDECK
With a tersely-worded press release the Office of Foreign Assets Control issued Iran-Related General License X, allowing for sanctions-free sales of Iranian oil on the world market. The change comes as U.S. negotiators, led by Vice President J.D. Vance, continue to meet with Iran’s negotiating team in Geneva, Switzerland. The license, similar to an earlier one issued for Russian oil earlier this year, allows for sales for two months, ending on August 21. This is the first time in 8 years that Iran has been able to sell oil on the open market.
TRUMP ADMINISTRATION LIFTS SANCTIONS ON RUSSIAN OIL
Moments ago, the U.S. Treasury Department issued Russia-Related General License 134 “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 12, 2026”
The sales are likely to provide a windfall for Iran, as its oil has usually been sold at a steep discount to smaller “teapot” Chinese refineries. The new license allows dollar-denominated sales of Iranian oil at current elevated world prices.