US revokes Iran oil waiver after Hormuz tanker attacks, tightens sanctions
&imwidth=600&imheight=450&format=webp&quality=medium "US revokes Iran oil waiver after Hormuz tanker attacks, tightens sanctions")
Image for representation Photograph: (AFP)
After recent tanker attacks in the strategic Strait of Hormuz, the US revoked General License X - a waiver temporarily authorising the sale and delivery of Iranian-origin crude oil.
The US has revoked a general licence that had temporarily authorised the production, delivery and sale of Iranian-origin crude oil and petroleum products following recent tanker attacks near the Strait of Hormuz, according to a Reuters report citing a US official.
The official said Iran's actions in the Strait of Hormuz were "wholly unacceptable" to the US and would be met with consequences. Despite the latest escalation, the official said negotiators were continuing to work in good faith towards reaching a final agreement with Iran.
The move comes after the US Treasury Department's Office of Foreign Assets Control (OFAC) withdrew General License X, which had been issued on June 21, and replaced it with a new authorisation, General License X1, effective from Tuesday (July 7).
Under the revised licence, companies have until July 17 to wind down transactions that were previously authorised under the June 21 waiver. However, the new rules prohibit any new purchases or loading of Iranian-origin crude oil, petrochemical products or petroleum products from July 7 onwards.
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The Treasury said any payments involving a blocked person must be deposited into a blocked, interest-bearing account in the United States in accordance with sanctions regulations. The revocation follows heightened tensions in the Strait of Hormuz, a key global shipping route, after tanker attacks that prompted Washington to tighten restrictions on Iranian oil-related transactions while maintaining diplomatic efforts aimed at securing a final agreement with Tehran.
