Tehran: Foreign Minister Abbas Araghchi has reiterated Iran's commitments and said mutual compliance with the Islamabad MoU would be the only solution. 'Iran has so far kept its word, unlike the so-called US Treasury Secretary who is violating Para 9 of the MoU,' Araghchi wrote on his X account on Saturday. 'That violation follows other violations and missteps by the United States,' he added. 'Reality check: There can only be mutual compliance,' the top diplomat noted.

According to Islamic Republic News Agency, the US Treasury Department's Office of Foreign Assets Control (OFAC) announced on Tuesday local time that it had revoked the waiver announced on June 21, which had permitted Iran to sell its crude oil and petroleum products until August 21. The US Treasury Department's announcement stated, 'Effective July 7, 2026, General License X, dated June 21, 2026, is revoked and superseded in its entirety by General License X1.'

The new license specifies that the United States, as of Tuesday, July 7, 2026, will 'not authorize any new transactions, including purchases or loading of such products on or after July 7, 2026.' However, it allows for transactions that are ordinarily incident and necessary to the wind-down of previously authorized transactions through July 17, 2026, with payments to blocked persons required to be made into a blocked, interest-bearing account located in the United States.