By Admin 
After the first round of talks held in Switzerland, initial consensus has been reached between America and Iran on many issues. In this, the 60 days exemption given to Iran for selling oil is the most special. This is very important from the global energy market as well as India’s point of view. India used to buy large quantities of oil from Iran for its needs. However, it decreased after American sanctions. India is also expected to benefit from exemption in oil exports to Iran.
Tehran has got this exemption under the 60-day agreement (MoU) between America and Iran. In return, Iran has promised not to affect the movement of ships through the Strait of Hormuz. Iran will get this relief for 60 days. That means, he can sell crude oil and petroleum products till 21st August. This decision came when just a few hours ago US Vice President JD Vance had said that ‘very good progress’ has been made in the ongoing talks in Switzerland.
What license is issued by the Treasury Department?
The Treasury Department has issued ‘Iran General License X’. Under this, permission has been given for production, delivery and sale of crude oil, petrochemical products and other petroleum products originating from Iran till August 21. According to the license, all those essential transactions related to the production, sale, delivery or unloading of crude oil, petrochemical products and petroleum products of Iranian origin, which were earlier under the ambit of sanctions, will now remain valid till August 21.
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Why is this exemption important for India?
India imports about 85 percent of its crude oil needs. The exemption given to Iran in oil sales is also important for India. Due to the US-Iran war, oil supply was disrupted across the world, India was also affected by this. Now India is also expected to get a big benefit from the 60 days relaxation given by America to Tehran. Before America imposed sanctions on Iran, India was a big buyer of Iran’s oil. After Donald Trump became President in 2019, America had imposed sanctions on Iran, after which India reduced oil purchases from Tehran. After the Ukraine war, India has emerged as a major buyer of Russian crude oil.
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