US Grants 60-Day Waiver for Iranian Oil Exports Under Islamabad-Mediated Understanding

By Staff, Agencies

The United States has issued a 60-day waiver authorizing the production, delivery, and sale of Iranian oil, implementing a key provision of a recent memorandum of understanding between Washington and Tehran aimed at advancing negotiations toward a broader agreement.

Announced Monday by the US Treasury Department, the waiver permits transactions involving Iranian-origin crude oil, petrochemicals, and petroleum products through Aug. 21.

The decision follows an Islamabad-mediated understanding reached between Iran and the United States and comes after extensive discussions in Switzerland focused on carrying out the provisions of the accord.

US Treasury Secretary Scott Bessent said the measure was issued within the framework agreed upon by both sides.

“In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit through the Strait of Hormuz,” Bessent said, adding that Tehran would also allow inspectors from the International Atomic Energy Agency [IAEA] to operate in the country.

“As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil,” he stated.

Under the memorandum signed last week, Washington agreed to provide waivers covering the export of Iranian crude oil, petroleum products, and related derivatives, as well as associated services including banking, insurance and transportation.

The license also permits transactions related to the importation of Iranian-origin crude oil, petrochemicals, and petroleum products into the United States when required to complete authorized sales or deliveries.

Iranian officials have repeatedly emphasized that the success of the understanding will be measured by tangible actions rather than public statements.

Foreign Minister Abbas Araqchi said earlier Monday that progress had been achieved through mediation efforts by Pakistan and Qatar, noting that restrictions affecting Iran’s oil and petrochemical exports had been waived.

Tehran also announced that its delegation had completed nearly 18 hours of negotiations in Switzerland involving mediators from Qatar and Pakistan, alongside direct discussions with the American delegation.

According to Foreign Ministry spokesman Esmaeil Baghaei, one of the central issues addressed during the talks was ensuring Iran’s ability to continue selling oil and petrochemical products throughout the 60-day negotiation period.

Baghaei added that future talks would proceed under a “commitment for commitment” approach, under which Iran would monitor the implementation of US obligations while continuing expert-level negotiations aimed at advancing the process.