The Trump administration temporarily lifted oil sanctions against Iran on Monday in a sharp reversal of U.S. policy that could provide Iran with an economic boon after years of having to sell at a discount to buyers who risked running afoul of the United States.
Treasury Secretary Scott Bessent said that the 60-day sanctions exemption, which authorizes the purchase of Iranian oil in U.S. dollars, giving Iran greater access to American currency, was the result of “ongoing productive” talks with Iran in Bürgenstock, Switzerland.
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