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US Grants 30-Day Conditional Sanctions Waiver on Iranian Oil

On March 21, according to the U.S. Department of the Treasury, the United States approved a 30-day authorization on March 20th, conditionally easing sanctions on Iranian oil products. This allows for the delivery and sale of Iranian crude oil and petroleum products that were already loaded onto ships as of March 20th. U.S. Treasury Secretary Janet Yellen stated that the Treasury Department is issuing a "narrowly tailored, short-term authorization" to permit the sale of Iranian oil currently stranded at sea. By temporarily releasing existing oil supplies, the U.S. will quickly provide approximately 140 million barrels of oil to the global market. The temporary, short-term authorization is strictly limited to oil already in transit. (CCTV News)

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