Today’s OFAC announcement provides for a one-month waiver permitting the continued delivery of otherwise sanctioned Iranian oil, some of which is stranded at sea. Observant Iran-watchers will recall that following the U.S. withdrawal from the flawed JCPOA in 2018, similar waivers known as Significant Reduction Exceptions (SREs) were granted on a temporary basis to a limited number of importing countries: China, India, Japan, South Korea, Turkey, Italy, Greece, and Taiwan. Significantly, those waivers did not extend to unrestricted financial transfers to the Iranian regime.