News Source
EXCERPT:
The U.S. has issued a sweeping rollback of sanctions on Iranian oil, allowing dollar-denominated trade for the first time in more than four decades, as Washington and Tehran press on with fragile talks toward a permanent peace deal.
The U.S. Treasury on Monday issued a wide-ranging 60-day exemption allowing Iran to produce and sell crude oil, petrochemical and petroleum products in U.S. dollars through Aug. 21.
Under the so-called General License X, vessels and entities previously subject to U.S. sanctions are also cleared for transactions. The waiver also theoretically reopens the door to U.S. imports of Iranian crude, a trade which has effectively collapsed since the 1990s under the weight of heavy sanctions, according to the U.S. Energy Information Administration.
