The United States Treasury Department announced this Monday that it is temporarily suspending sanctions against the Islamic regime of Iran to allow the country to sell oil until August 21.

The general license, announced by the Treasury Department, allows the sale of crude oil until August 21, as well as petrochemical products and derivatives of Iranian origin. It also establishes that Iranian oil can be imported into the American country when necessary to complete its sale, delivery or unloading.

“In line with the productive conversations taking place in Switzerland, Iran committed to guarantee free transit in the Strait of Hormuz and to allow inspectors from the International Atomic Energy Agency (IAEA) to enter the country,” wrote the Secretary of the Treasury Department, Scott Bessent, on the X social network.

Decades of US sanctions on Iran

Under the license, payment of funds to Iran can be made in US dollars. However, Cuba, North Korea and Crimea are among the excluded territories.

Washington first sanctioned Iran in 1979, when revolutionary students seized the U.S. embassy in Tehran and held diplomats hostage.

Since then, numerous additional sanctions have been imposed due to Iran's nuclear program and the Islamic regime's support for groups the United States considers terrorist organizations.

Last week, Tehran and Washington signed a memorandum of understanding that lays the groundwork for a 60-day round of negotiations, after nearly 40 days of war and weeks of an inconclusive and often broken ceasefire.