The US Treasury Department announced a waiver for sanctions on Iran under the temporary agreement with Iran, lasting until August 21. This decision cleared the way for Tehran to receive revenues from oil and petroleum product sales.
The exemption decision came after initial talks with Iranian officials at the Bürgenstock ski resort in Switzerland. Pakistan and Qatar, who mediated the talks, announced that the parties agreed on a roadmap towards a permanent agreement within 60 days.
Trump's warning
US President Donald Trump stated in a post on Truth Social that Iran would accept weapons inspections to ensure "nuclear honesty". Trump said, "If Iran does not comply with the agreement or does not behave, I will do what I need to do."
US Vice President JD Vance said the talks in Switzerland provided a very good basis for a successful final agreement. Vance said Tehran agreed to admit nuclear inspectors into the country and establish mechanisms to manage its frozen assets.
Iran offers different account
Iranian Foreign Ministry Spokesperson Esmaeil Baghai told the official IRNA news agency that Iran has not yet discussed nuclear issues or made new commitments. He reiterated that Iran's nuclear program is peaceful.
Central Bank of Iran Governor Abdolnaser Hemmati said at least part of the frozen funds could be used to purchase other non-sanctioned goods.
Regional ceasefire mechanisms
The parties also agreed on a mechanism to end the clashes in Lebanon between US ally Israel and the Iran-backed Hezbollah. A communication line was also opened to ensure the safe passage of commercial ships through the Strait of Hormuz.
Officials reported a lull in fighting in Lebanon under the agreement aimed at ending hostilities across the region. Israel stated it would maintain a security zone in southern Lebanon and continue to act to "neutralize" threats to Israeli soldiers and citizens.
Technical talks are expected to continue throughout this week.
