US to waive sanctions on Iranian oil sales after signing MoU: Report

A report indicates Iran will be able to commence oil exports immediately after signing an MoU that ends US-Israeli aggression on its territory.

Iran will be able to sell oil and fuel products to international customers later this week, right after signing an MoU with the United States that seeks to permanently end US-Israeli aggression against the country, according to a new report.

The Tuesday report by Reuters quoted a senior US official as saying that Iranian oil exports could begin on Friday, following the signing of the MoU that was agreed upon between the two sides over the weekend.

The official stated that the US has included a provision in the MoU that waives sanctions on Iranian oil exports once the country signs the agreement.

The waiver will also cover issues related to banking transactions, transportation, and insurance of oil and fuel cargoes, the official added.

Iran’s petroleum exports have faced severe restrictions since 2018, when US President Donald Trump withdrew from an international deal on Iran’s nuclear program during his first term in office and imposed sweeping sanctions on the country.

However, Iran has managed to steadily increase its oil exports over the years by circumventing US sanctions and introducing new financial arrangements with customers.

Iran says oil output uninterrupted as tankers crush US blockade, Tehran eyes new revenue from Hormuz

Iran says its oil production and exports continued without disruption during 40 days of the US-Israeli aggression while officials explore new revenue streams tied to tighter control of the Strait of Hormuz.

The waiving of sanctions on Iran could be seen as a major concession by the US under the MoU, which Iranian and US authorities say will be signed in Switzerland later this week.

The US has also vowed to begin lifting its so-called maritime blockade on Iran, allowing Iranian oil tankers to carry oil to ports of buying countries.

Iran has committed under the MoU to gradually reopen the Strait of Hormuz, a key international waterway in the Persian Gulf that was taken under Iranian control since the beginning of the US-Israeli aggression in late February and remained closed even after a ceasefire in early April.

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.ir