US Treasury Waives Sanctions on Iranian Oil Under Interim Deal

Treasury Secretary Scott Bessent announced the measure on Monday as part of a broader framework aimed at advancing peace.

Rachel Acenas

Published: 6/22/2026, 11:02:43 AM EDT

US Treasury Waives Sanctions on Iranian Oil Under Interim Deal — US Secretary of Treasury Scott Bessent testifies during a Senate Appropriations Subcommittee on Financial Services and General Government hearing on "proposed budget estimates for fiscal year 2027 for the Department of the Treasury" on Capitol Hill in Washington on April 22, 2026. (Saul Loeb/AFP via Getty Images)

The United States Treasury has issued a 60-day license waiving sanctions on Iranian oil as part of an interim deal to end the war, as “productive talks” between both sides continue in Switzerland.

Treasury Secretary Scott Bessent announced the measure on Monday as part of a broader framework aimed at advancing peace.

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

Under the memorandum of understanding signed last week between Washington and Tehran, the United States agreed to grant waivers allowing the export of Iranian crude oil, petroleum products, derivatives, and related services, including banking, insurance, and transportation activities.

Transactions authorized in the general license include importation of Iranian-origin crude oil, petrochemical and petroleum products to ⁠the United States.

The authorization, however, does not cover transactions involving North Korea or Cuba, two countries subject to extensive U.S. sanctions.

The license was issued Monday after Vice President JD Vance touted the latest talks.

Iran has agreed to invite IAEA inspectors back into the country, the first step toward permanently ending a nuclear weapons program, according to Vance.

“That is a major milestone for the American people and the first step in permanently ending a nuclear weapons program in Iran,” Vance said during a press conference.

He also said the discussions created a “good foundation” for a final deal. Negotiators continue to work toward securing a permanent end to the conflict.

According to Vance, talks also addressed security issues including the Strait of Hormuz. Iran effectively shut down the strait after U.S. and Israeli strikes on Feb. 28, sending fuel prices soaring well beyond the region.

According to data and analytics firm Kpler, there were 71 confirmed transits through the strait over the weekend, with a peak of 35 crossings on Saturday. 100 to 130 vessels passed through the strait each day before the war.

Negotiators in Switzerland also addressed a deconfliction arrangement connected to the Lebanon conflict.

Meanwhile, Secretary of State Marco Rubio will travel this week to the United Arab Emirates, Kuwait, and Bahrain to discuss the latest developments in Iran, according to the State Department on Monday.

Reuters and The Associated Press contributed to this report.