The temporary sanctions relief follows Switzerland talks in which U.S. and Iranian negotiators agreed to pursue a 60-day roadmap toward a longer-term settlement.
By yourNEWS Media Newsroom
The United States temporarily suspended sanctions on Iranian oil Monday after Vice President JD Vance said Tehran had agreed to allow United Nations nuclear inspectors to return to the country as part of a new diplomatic framework reached during talks in Switzerland.
The sanctions pause allows Iran to produce, sell and deliver crude oil and related products through Aug. 21, according to the U.S. Treasury Department. Treasury Secretary Scott Bessent said the decision was tied to Tehran’s commitments in the negotiations, including permission for International Atomic Energy Agency inspectors to enter Iran and a pledge to allow “free and open transit” through the Strait of Hormuz.
The announcement came after Tehran and Washington signed a memorandum of understanding last week that set the stage for negotiations following nearly 40 days of fighting and a fragile ceasefire that has repeatedly been tested.
Officials said the two sides have agreed to begin 60 days of technical talks in Switzerland aimed at reaching a long-term settlement. The negotiations are expected to address several of the most difficult issues in U.S.-Iran relations, including Tehran’s nuclear program, sanctions relief, frozen assets and security concerns tied to the Strait of Hormuz and Lebanon.
“We laid a very good foundation for a successful final deal,” Vance told reporters at Switzerland’s luxury Burgenstock resort. “The final deal is the house … We haven’t built the house, but we’ve laid a successful foundation to get to a good place for the American people.”
Vance said Iran had agreed to invite IAEA inspectors “back to their country,” calling the move “a major milestone… and the first step in permanently denuclearising” Iran.
Iranian Foreign Ministry spokesman Esmaeil Baqaei gave a more limited account of the discussions Monday, saying “a very brief discussion took place regarding the nuclear issue, but there was no discussion of details.” He said nuclear talks had not begun.
Tehran had suspended some cooperation with the IAEA and blocked agency inspectors from accessing key nuclear sites that were bombed by the United States and Israel during the 12-day war in 2025. Inspectors had continued visiting Iran after that period, with the most recent visit occurring in November.
Iran had not yet commented Monday on Vance’s statement that inspectors would be invited back.
The sanctions relief is expected to be one part of a broader package under discussion. Tehran is also set to receive some form of sanctions relief from Washington and the unfreezing of certain assets.
Vance said Iranian assets had not yet been unfrozen. He said that if any assets are released, they would be used to buy U.S. goods, including soybeans, and would not be allowed to finance terrorism.
He described the arrangement as “a classic Trump deal, where if Iranian assets are ever unfrozen, they’re going to go to make American farmers richer and to feed the Iranian people.”
Shortly afterward, the United States announced that Iranian oil sales would be exempted from sanctions until Aug. 21.
The talks also unfolded against the backdrop of renewed tensions in Lebanon, where the war between Israel and Hezbollah, Iran’s close ally, has threatened to break the ceasefire. The country had been relatively calm since Sunday after days of concern that fighting could resume.
Israeli leaders have voiced strong objections to the agreement signed last week and have said Israeli troops will continue occupying southern Lebanon. Israel has also insisted it remains free to respond to any threats in the area.
Mediators said Tehran and Washington have established communication lines intended to help stop fighting in Lebanon and keep the Strait of Hormuz open. The strait, a vital passageway for global oil and gas shipments, was closed by Iran early in the war, causing economic disruptions around the world.
Before the conflict, international passage through the strait had been free. Tehran now appears interested in using the waterway as part of the broader negotiations.
Tracking data Monday showed vessels were still moving through the strait, despite Iran saying Saturday that it had again closed the passage in response to Israeli attacks in Lebanon.
Pakistan and Qatar, which are mediating the talks, said negotiators had agreed on a “roadmap towards reaching a final deal within 60 days.” Technical negotiations are expected to continue for the rest of the week at the Swiss resort.
“Encouraging progress has been made,” the mediators said, including the creation of a contact channel designed to “avoid incidents and miscommunication” in the Strait of Hormuz.
A “de-confliction cell” involving the parties and Lebanese authorities has also been agreed to in an effort to prevent renewed fighting.
Iranian Foreign Minister Abbas Araghchi posted on social media that the framework included relief for oil and petrochemical exports, the lifting of a blockade, the release of some frozen assets and reconstruction plans for Iran.
“Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and major reconstruction & development plan launched for Iran,” Araghchi wrote.
The progress came after a tense opening to the negotiations. Iran’s delegation walked out Sunday after President Donald Trump threatened to strike Iran over its support for Hezbollah.
By Monday afternoon, there were no reports of Israeli strikes or continued fighting, and some residents of southern Lebanon had begun cautiously returning to their homes.
Israel’s military chief, Lt. Gen. Eyal Zamir, visited troops in southern Lebanon on Sunday and said Hezbollah was in a “very difficult position.” He said the Israeli military was prepared to stop the group from rebuilding its strength.
Lebanon’s Health Ministry said the overall death toll from the fighting in the country has surpassed 4,100.
Beyond Lebanon, there has been no indication that the talks will address Iran’s support for armed groups across the region, an issue that has long drawn criticism from the United States and Israel.
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