Araghchi: mutual compliance is the only way forward under Islamabad MoU

Iranian Foreign Minister Abbas Araghchi on Saturday reiterated that Tehran has continued to honor its commitments under the Islamabad memorandum of understanding (MoU), while criticizing Washington for what he described as repeated breaches of the agreement.

In a post on X, Araghchi said Iran had remained faithful to its obligations, contrasting its approach with that of the U.S. Treasury Department, which he accused of violating Paragraph 9 of the MoU. He added that the latest move was part of a broader pattern of American actions that undermine the agreement.

Emphasizing Tehran's position, the foreign minister said the only viable path forward is one based on mutual implementation of commitments, stressing that the agreement cannot function if obligations are observed by only one side.

His remarks came after the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) revoked General License X, which had been issued on June 21 and temporarily allowed Iran to continue selling crude oil and petroleum products through August 21.

Under the revised directive, General License X was replaced by General License X1, effective July 7, 2026. The new authorization permits only the winding down of transactions previously approved under the earlier license until July 17, while prohibiting any new purchases or loading of Iranian oil and petroleum products from July 7 onward.

The U.S. Treasury said payments involving blocked entities must be deposited into blocked, interest-bearing accounts in the United States as part of the revised licensing framework.