The US Department of the Treasury on 22/6 announced comprehensive waivers for long-standing sanctions on Iran's oil sales. Consequently, Iran will be permitted to produce, sell, and transport crude oil, petroleum products, and petrochemicals until 21/8, while negotiations continue.

This decision also allows oil customers to pay Iran in US dollars and paves the way for Iranian crude oil and petrochemical products to be imported into the US. Subsequently, Iranian banks can receive direct payments from abroad, making it easier for Tehran to bring oil revenues back into the country and alleviate foreign currency shortages.

In practice, this signifies a temporary suspension of key restrictions on Iran's energy sector, measures that the US has maintained for many years through both direct and secondary sanctions.

A vessel anchored next to an offshore oil rig near Ilam city, Iran, in the Persian Gulf, 9/2025. Photo: Iranintl

The US Department of the Treasury stated that the scope of the waiver includes shipping, insurance, vessel management, vessel registration, and other services necessary to support oil transactions. This simultaneously suspends restrictions under a series of sanctions that have curbed Iran's energy exports for decades.

This move marks one of the most significant changes in Washington's policy towards Tehran since the 1979 Islamic Revolution. Iranian officials described the US decision as evidence that negotiations are yielding tangible economic benefits.

Hamid Hosseini, spokesperson for the association of Iranian oil exporters, stated that European traders have begun contacting Iran to purchase oil following the US waiver. However, no US companies have yet contacted Tehran.

Previously, Iran's oil exports were a central target in the US-led economic pressure campaign aimed at forcing Tehran to accept strict limits on its nuclear program. When airstrikes also failed to achieve that objective and Tehran closed the Strait of Hormuz, the US blockaded Iran's ports in May to choke its economy.

Under a temporary agreement reached last week, the US lifted the blockade, agreeing to allow Iran to sell oil and receive payments.

Destinations of Iranian crude oil exports. Unit: thousand barrels/day. Chart: Kpler, Reuters

The US Department of the Treasury's announcement came just hours after Vice President JD Vance told reporters that Iran had invited inspectors from the International Atomic Energy Agency (IAEA) back into the country. He described this as a major milestone and the first step towards permanently ending Iran's nuclear weapons program.

According to Vance, some discussions with inspectors could take place as early as 22/6, but he did not specify the extent of their access, nor whether they would be allowed into facilities previously attacked by the US and Israel last year.

The IAEA has not commented, and Iran has not confirmed this information.

Hardliners in Iran oppose the possibility of allowing nuclear inspectors back into the country. Tasnim news agency suggested that this move "goes against the memorandum" Iran had signed with the US.

Huyen Le (According to WSJ, Iranintl)