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The 17 June 2026 Memorandum of Understanding between the United States and the Islamic Republic of Iran represents a watershed moment for global energy markets. US Treasury waivers now permit the purchase of Iranian crude oil, petroleum products, and petrochemicals, together with the full range of banking, insurance, and shipping services required to support those transactions.
Critically, transactions may now be conducted in US dollars. Vessels, shipping companies, and insurers previously exposed to US sanctions for handling Iranian cargo are also relieved of those restrictions under thecurrent framework.
The MOU runs until 21 August 2026, with provision for renewal by mutual consent, giving buyers a defined but extendable window in which to operate.
However, US waivers do not operate globally.
UK sanctions administered by OFSI and EU frameworks,including the reimposed snapback sanctions of September 2025, remain independently active and are not suspended by the US MOU.
Counterparty risk is the immediate priority. Any Iranian seller, intermediary, shipping company, or financial institution involved in a transaction must be screened against the OFAC Specially Designated Nationals list, the UK consolidated sanctions list, and EU designations. IRGC-connected entities remain subject to asset freezes and dealing prohibitions across multiple jurisdictions.
Dransfield Partners advises on international sanctionscompliance and cross-border energy transactions from Dubai.
