On July 7, the U.S. Treasury’s Office of Foreign Assets Control issued a notice, revoking a previously announced 60-day authorization for Iran’s oil production, delivery, and sales.
In the early hours of August 8 local time, Iran’s Foreign Ministry responded with a statement, condemning the U.S. decision to cancel the temporary suspension of sanctions on Iran’s oil sales. The ministry claimed this violates the Islamabad Memorandum of Understanding between Iran and the United States, and said Washington must bear full responsibility for the consequences.
On June 22, U.S. Treasury Secretary Bessent announced via social media that, as part of the negotiation framework between the U.S. and Iran, the Treasury had issued a 60-day general license authorizing Iran’s oil production, delivery, and sales.
