- The U.S. Treasury issued General License X, a 60-day exemption allowing Iran to sell oil, petrochemicals, and petroleum products in U.S. dollars through August 21.
- The rollback is expected to unlock approximately 67 million barrels of Iranian crude currently held in floating inventory, potentially generating $8 billion to $9 billion for the Iranian regime.
- The waiver reduces transaction costs by allowing Iran to receive proceeds directly into its central bank rather than through shadow banking intermediaries.
- Iranian crude exports have already begun to rise, reaching 6.79 million barrels last week as negotiations in Switzerland progressed.
Quotes
“Production, sales, dollar payments, petrochemicals and protected shipping — all switched on at once. Together, they amount to a sustained reopening of Iran’s most important revenue stream.”