Overview
- The Treasury’s general license runs from Mar 20 to Apr 19 and covers Iranian crude and petroleum products loaded onto vessels by the cutoff.
- Treasury Secretary Scott Bessent said the step could release roughly 140 million barrels to global markets and stressed Iran would struggle to access any proceeds.
- Officials framed the move as market stabilization and a way to prevent a single buyer, notably China, from hoarding discounted Iranian barrels.
- The authorization excludes transactions involving North Korea, Cuba, and Russian‑occupied parts of Ukraine, and allows activities necessary to deliver and offload eligible cargoes.
- The action follows recent short-term easings on certain Russian shipments as prices surged with Strait of Hormuz disruptions, drawing analyst warnings about longer-term sanctions erosion even as Iran’s oil ministry claimed little surplus is left at sea.