US Temporarily Allows Iran to Sell Oil on Global Markets for 60 Days, Releases $12 Billion Frozen Funds

June 23, Kathmandu – Following talks held in Switzerland between Iran and the United States, the US has temporarily lifted sanctions on Iranian oil sales. Additionally, $12 billion in frozen Iranian assets have been released. This recent agreement in Switzerland signals a reduction in tensions between the two nations. US Treasury Secretary Scott Bessent announced on the social media platform X that the Treasury Department has issued a 60-day temporary license permitting Iran to produce, supply, and sell oil and petroleum products globally. Under this arrangement, Iran can sell oil on the world market until August 21. During this period, American companies will also be permitted to purchase Iranian oil and make payments in US dollars. The arrangement may be extended beyond August 21 if necessary.

As per the license, Iran will receive payments in US dollars. This step follows the US-Iran negotiations in Switzerland, which have been hailed as a positive development. US Vice President J.D. Vance described the talks as significantly productive. During the discussions, Iran agreed to allow inspectors from the International Atomic Energy Agency (IAEA) to re-enter the country. Iran also committed to ensuring the safe passage of ships through the Strait of Hormuz maritime route. Previously, regional tensions and conflicts had greatly reduced tanker movements, as many vessels avoided the route due to security concerns. However, since the agreement, shipping activity has reportedly begun to increase again.

The Strait of Hormuz is one of the world’s most critical oil shipping routes, with approximately 20 percent of the global crude oil exports passing through it. Stability in this area is expected to ease pressures on the global oil and gas markets. Under the agreement, for the next 60 days, ships will be allowed to transit the Strait of Hormuz without paying any additional fees. Afterwards, Iran and Gulf region countries will engage in further discussions regarding the long-term management of the passage and potential fee structures. Iran’s chief negotiator stated that the US has agreed to release $12 billion in frozen assets. Following an intensive 18-hour negotiation session in Switzerland, Iran pledged to allow international nuclear inspections, which led to the US decision. US President Donald Trump had indicated that released Iranian funds would be used for purchasing American agricultural products; however, Iran’s central bank rejected this claim, clarifying that Tehran is not obliged to buy US agricultural goods.