The U.S. Department of the Treasury issued a temporary license on Monday, permitting the production, sale, and delivery of Iranian oil for 60 days as part of diplomatic progress achieved in Switzerland.
However, the document explicitly excludes Cuba from any transactions covered by this authorization.
The measure, known as the General License X from the Office of Foreign Assets Control (OFAC), will remain effective until August 21, 2026. It also encompasses petrochemical products and derivatives originating from Iran.
The legal text clearly states that the authorization does not apply to any transaction involving individuals or entities located in Cuba, North Korea, Crimea, or the Russian-controlled territories in Ukraine.
Treasury Secretary Scott Bessent announced the decision via his account on X, tying it directly to commitments made by Tehran during negotiations held in Bürgenstock, Switzerland.
"In line with the productive talks occurring in Switzerland, Iran has pledged to ensure free and open transit through the Strait of Hormuz and to allow International Atomic Energy Agency inspectors into its territory," Bessent wrote.
Vice President JD Vance, present in Switzerland, confirmed on Sunday that the negotiations had made "very good progress" and assured that "the Strait of Hormuz is open." The oil license is part of a memorandum of understanding signed between the two countries as a step towards a definitive peace agreement.
This opening towards Iran starkly contrasts with the sustained tightening of U.S. policy towards Cuba in the energy sector. Just 11 days prior, Secretary of State Marco Rubio announced sanctions against CUPET, the Cuban state oil company, under Executive Order 14404, signed by Trump on May 1, 2026.
These sanctions block the assets and interests of the company under U.S. jurisdiction and expose any foreign company operating with CUPET to secondary sanctions.
The consequences are already apparent: the Australian oil company Melbana Energy suspended operations in Cuba due to pressures stemming from these sanctions.
Cuba’s exclusion from General License X is not an isolated incident. The temporary licenses issued by OFAC on Russian oil between March and May 2026—identified as 134A, 134B, and 134C—also systematically left the island out.
In March 2026, an OFAC license effectively blocked the shipment of Russian oil to Cuba, and in May, Washington kept Cuba out of another temporary oil license.
The pattern is evident: while the Trump administration negotiates openings with Iran and eases sanctions as part of a broader diplomatic strategy, pressure on the Cuban regime remains unwavering, regardless of the energy supplier.
Prior to the naval blockade imposed by Washington on Iran in April 2026, the country exported more than 1.5 million barrels daily; by May, that number had plummeted to between 209,000 and 260,000 barrels per day, the lowest level in six years, according to analyses cited by the EFE agency.
The Iranian delegation left Switzerland on Monday, as technical teams from both countries will continue discussions throughout the week on the implementation mechanisms of the memorandum.
FAQs About U.S. Sanctions and Energy Policies
What is the General License X?
The General License X is a temporary authorization issued by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), allowing the production, sale, and delivery of Iranian oil for a specified period.
Why is Cuba excluded from the oil transactions?
Cuba is excluded from the oil transactions under the General License X due to the ongoing U.S. policy to maintain pressure on the Cuban regime, differentiating its approach towards other countries like Iran.