politics
U.S. Revokes Iranian Oil-Sale License but Allows Wind-Down Period Until July 17
The United States revoked a license authorizing Iranian oil exports, reversing a provision in a June memorandum of understanding. The decision followed attacks on three commercial ships in the Strait of Hormuz since Monday. Peace talks between the countries remain ongoing.
Jul 7, 5:29 PM·1m read1 source
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The United States is revoking a license that authorized the sale of Iranian oil, reversing a key provision of the memorandum of understanding signed with Iran last month. Abc News reported that the Office of Foreign Assets Control is revoking GL X, with the revocation effective Tuesday and superseding the license in its entirety. A U.S.
Official cited recent escalation in the Strait of Hormuz as the reason. Three commercial ships had been attacked there since Monday, with Iran firing at least two missiles at commercial vessels overnight and a third tanker struck Tuesday, according to UKMTO. The official stated that Iran’s actions were wholly unacceptable to the United States and will be met with consequences.
The Treasury Department will allow a wind-down grace period until July 17 for transactions previously authorized under the license. The memorandum of understanding took effect on June 18, and the wide-ranging license permitting Iranian oil sales was issued on June 22 for a 60-day period until August 21. The U.S.
Official said the memorandum is entirely performance-based. Iran will only reap benefits if they exhibit good behavior, the official added. Peace talks between the U.S. and Iran remain ongoing, with negotiators continuing to work in good faith toward a final deal.
