JAKARTA - Iranian Foreign Ministry Spokesperson Esmaeil Baghaei said that selling oil and petrochemical products has become much easier after the signing of a memorandum of understanding with the United States.
"The conditions for selling oil and petrochemical products have become much easier," Baghaei said, quoted by ANTARA from Sputnik, Wednesday, July 1.
A day earlier, the Office of Foreign Assets Control (OFAC) at the United States Department of the Treasury issued a general license allowing transactions related to the production, sale, shipment, and dismantling of Iranian oil, petrochemical products, and petroleum products until August 21.
According to Baghaei, this development occurred after the two countries signed a memorandum of understanding that regulates a number of steps to reduce tensions.
The memorandum of understanding was signed remotely by Iran and the United States on June 18 in the early hours.
The document includes an agreement to end the military conflict that broke out on February 28, as well as setting a schedule for the United States to lift the naval blockade of Iranian ports.
In addition, Iran is also committed to restoring shipping traffic in the Strait of Hormuz in accordance with the stages agreed in the memorandum of understanding.
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