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Darwin, 23 June: The United States has lifted sanctions on Iran’s oil sales, according to US Treasury Secretary Scott Bessent. He said the suspension will last for 60 days.
The announcement came after talks between the United States and Iran held in Switzerland. Representatives from both countries met on Sunday in Bürgenstock, Switzerland. Scott Bessent said the discussions showed positive progress.
In a post on social media platform X, Bessent wrote that Iran has committed to ensuring free and open passage in the Strait of Hormuz and to allowing inspectors from the International Atomic Energy Agency (IAEA) to enter the country. As a result, the US Treasury has issued a temporary general license allowing Iranian oil production, supply, and sales.
This license means Iran will be able to sell and supply oil to almost every country, including the United States, without sanctions until 12:01 a.m. on August 21.
After years of strict restrictions on Iran’s oil export capacity, this move could be a major boost for its economy. US administration negotiators reportedly agreed to the measure mainly to encourage Iran to fully open the Strait of Hormuz, helping stabilize global energy supply.
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