JUNE 23, 2026
U.S. Waives Iran Oil Sanctions and Reports Nuclear Inspector Agreement After Switzerland Talks
The United States Treasury Department issued a 60-day waiver on Iranian oil sanctions following weekend talks in Switzerland between Vice President JD Vance and Iranian counterparts, allowing Iran to sell oil freely on global markets until August 21. Mediators from Pakistan and Qatar described the talks as producing "encouraging progress" toward a permanent peace deal within 60 days. The talks, held at the Bürgenstock Resort near Lucerne, also produced agreement on a hotline for the Strait of Hormuz and a "de-confliction cell" to address ongoing fighting in Lebanon.
The first round of U.S.-Iran post-war negotiations in Switzerland concluded Monday with Vice President JD Vance calling the discussions "a very, very good day" and saying the two sides had "laid a foundation" for a final deal. The U.S. Treasury's 60-day sanctions waiver allows Iran to sell oil in U.S. dollars on the global market for the first time in decades, according to the Wall Street Journal. Iran's Foreign Minister Abbas Araghchi confirmed that sanctions on oil had been waived and some frozen assets released, with Iran's chief negotiator Mohammad Bagher Ghalibaf stating that access to $12 billion in frozen funds had been finalized.
The most prominent disputed claim from the talks concerned nuclear inspections. Vance described Iran's agreement to allow International Atomic Energy Agency inspectors back into the country as a "major milestone" and "the first step in permanently ending a nuclear weapons program in Iran." President Trump followed with a Truth Social post stating Iran had agreed to "highest level Nuclear inspections long into the future (Infinity!!!)." Iran's Foreign Ministry spokesperson Esmail Baghaei flatly denied this characterization, saying Iran had not taken on any new commitments, had not met with IAEA Chief Rafael Grossi in Switzerland, and had no plans to allow inspectors to visit nuclear facilities damaged in last year's strikes. The IAEA had not publicly responded to requests for comment as of Tuesday.
A similar dispute emerged over the use of unfrozen Iranian assets. Vance and Trump both stated the released funds would be used exclusively to purchase American agricultural products — corn, wheat, and soybeans — and that the U.S. and Qatar would have approval over how Iran spends the money. Iran's Foreign Ministry spokesperson said Tuesday that Tehran's import decisions would be based on "prices and quality," and Iran's ambassador in Geneva stated that "Iran is the only country who decides what to do with those assets."