US grants waiver for Iranian oil exports under Islamabad MoU

The US Treasury Department announced a waiver on Monday that permits the production, delivery, and sale of Iranian-origin crude oil, petrochemicals, and petroleum products through August 21. This move follows an Islamabad-mediated understanding between Iran and the United States, as well as intensive talks in Switzerland focused on implementing the accord.

Treasury Secretary Scott Bessent stated that the measure was issued as part of the framework agreed between the two sides. "In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz," he wrote, also claiming that Iran will allow International Atomic Energy Agency (IAEA) inspectors into 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."

Under the memorandum signed last week, Washington agreed to grant waivers for the export of Iranian crude oil, petroleum products, and derivatives, along with associated services including banking transactions, insurance, and transportation. The license also authorizes transactions involving the importation of Iranian-origin crude oil, petrochemical products, and petroleum products into the United States when necessary to complete their sale or delivery.

Iranian officials had repeatedly stressed that implementation of the understanding would be judged on the basis of concrete actions rather than declarations. Foreign Minister Abbas Araqchi said earlier Monday that progress had been achieved through Pakistani and Qatari mediation, noting that restrictions on Iran's oil and petrochemical exports had been waived. Meanwhile, Tehran said its delegation had concluded nearly 18 hours of discussions in Switzerland with mediators from Qatar and Pakistan, as well as direct talks with the American side.

According to Mehr News, the waiver is a temporary measure and part of a broader framework agreed between Iran and the US, with mediation from Pakistan and Qatar.