07.07.2026 23:20
While US President Donald Trump was in Ankara for the NATO summit, the Washington administration made a noteworthy decision regarding Iran. The US revoked the 60-day general license issued on June 21 that permitted the production, delivery, and sale of Iranian oil.
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has issued a new general license on the matter.
U.S. LIFTS OIL LICENSE RELATED TO IRAN
This license replaces the temporary license issued on June 21, which allowed the production, delivery, and sale of crude oil, petrochemicals, and petroleum products of Iranian origin. Thus, as of July 7, no transactions including the purchase or loading of such products of Iranian origin will be permitted.
For existing transactions authorized under the previous license, a period until July 17 has been granted to complete and wind down in the normal course.
TEMPORARY EXEMPTION HAD BEEN GRANTED
With the general license published by OFAC last month, a temporary exemption was provided for all normally prohibited transactions, such as the production, sale, delivery, or offloading of crude oil, petrochemical products, and petroleum products of Iranian origin.
It was stated that this authorization would be valid until August 21 and that payments could be made in U.S. dollars.