U.S. to Allow Iran Oil Sales Upon Signing of War-Ending Deal
A senior U.S. official said Tuesday that Iran will be permitted to sell oil and fuel immediately after the sides sign a memorandum of understanding this week. The waivers cover banking, transportation, and insurance services, but remain conditional on Iran meeting several performance requirements.
etftrends.comA senior U.S. official said Tuesday that Iran will be allowed to begin selling oil and fuel as soon as the two sides sign a memorandum of understanding reached to end the war. The waivers on sanctions covering those sales take effect upon signing and extend to banking, transportation, and insurance services needed to move the oil and fuel to buyers.
The same official described the deal as performance-based.
Iran can access benefits only if it meets every point it agreed to, including maintaining no nuclear weapon, neutralizing its enriched material, and refraining from interfering with navigation in the Strait of Hormuz. Oil prices fell sharply after the news emerged.
The waivers apply immediately upon signing.
Additional sanctions relief is tied to Iran’s continued compliance with the terms. The memorandum covers the services required to complete the oil and fuel transactions.
