US Treasury Department Issues General License Permitting the Import of Iranian Crude Oil

The US Department of the Treasury announced the issuance of a general license authorizing the production, supply, and sale of crude oil and petrochemical products of Iranian origin, with this license remaining valid until the 21st of August. The department explained in an official statement that the authorized transactions include the importation of Iranian crude oil and petroleum products into the United States. These developments follow intensive talks held in the Swiss city of Bürgenstock, which focused on lifting restrictions imposed on Iranian oil exports and unfreezing Tehran's assets, in a move that paves the way for easing economic sanctions in the energy sector.