The United States is expected to grant Iran an exemption from sanctions on the sale of oil and fuel immediately upon the signing of the agreement to end the war, the Wall Street Journal reported today (Tuesday), citing sources familiar with the understandings between the sides.
According to the report, the clause dealing with relief for Iranian oil exports will take effect immediately once the agreement is signed, which is expected to happen later this week. The move is intended to provide Tehran with an initial economic incentive as part of efforts to reduce tensions and bring the war to an end.
Sources familiar with the matter noted that Iran will be able to immediately begin selling oil and fuel on international markets after years of restrictions and sanctions imposed on it.
A senior American official clarified that the initial relief is not unlimited. According to the official, continued waivers and sanctions relief will depend on Iran meeting a series of US demands, including reopening the Strait of Hormuz and making progress on issues related to its nuclear program.
At the same time, according to the report, Iran will not receive immediate access at this stage to billions of dollars in frozen funds held outside the country. The issue of those funds will remain subject to additional stages of the agreement and an assessment of Tehran’s compliance with its commitments.
Meanwhile, CNN reported that US intelligence agencies assess that Iran currently has the ability to block the Strait of Hormuz at will, thereby significantly affecting the global economy.
According to the report, a source familiar with the intelligence assessments said: “We have handed Iran de facto control over the strait - a weapon more powerful than any nuclear weapon."
It was further claimed that Tehran has learned how to leverage threats and attacks against energy infrastructure in Gulf states as a strategic pressure tool that could be used in the future.