Buergenstock, Switzerland. The United States waived sanctions on Iran for 60 days from Monday after the first talks under an interim peace deal, as U.S. President Donald Trump said he would “do what I have to do” if Iran did not uphold its side of the agreement. The talks produced a 60-day roadmap toward a permanent deal, according to mediators Pakistan and Qatar.
Talks in Switzerland
U.S. Vice President JD Vance said talks with Iranian officials in Switzerland had laid a good foundation for a final peace deal, although Iran denied that it had begun discussions of its nuclear program.
The two sides were seeking to build on the interim deal signed last week and agreed on a roadmap toward a permanent agreement within 60 days at talks in the Qatari-owned Swiss mountain resort of Buergenstock, mediators Pakistan and Qatar said.
Sanctions waiver and economic relief
In the first of several steps envisaged under the agreement to provide economic relief to Iran, the U.S. Treasury announced a waiver on sanctions until August 21, allowing Tehran to sell oil and related products and receive payment for them.
Lebanon and maritime measures
The parties also agreed on a mechanism to end fighting in Lebanon between U.S. ally Israel and Iran-aligned Hezbollah, and opened a communications line intended to help ensure safe passage for commercial ships through the Strait of Hormuz and avoid conflict in the strategic waterway.
Officials reported a sustained lull in fighting in Lebanon under the agreement aimed at ending hostilities across the region, even as Israel said it would maintain a security zone in southern Lebanon and continue to act to “neutralise” threats against Israeli soldiers and citizens.
Tanker traffic through Hormuz began to increase on Monday, with the foreign minister of Oman affirming his country’s commitment to international law and toll-free safe passage during negotiations with Iran over administering the waterway.
Regional impact and next steps
U.S.-Israeli attacks on Iran, and Israeli strikes in Lebanon, have killed thousands of people and displaced millions. The war involving Iran has also unsettled global markets and increased oil prices. Crude prices extended losses on Tuesday after settling 3% lower on Monday.
Israel was not a party to the peace agreement but on Friday agreed a new ceasefire in Lebanon. Although intense fighting continued for another day, Lebanese officials said it had eased since Saturday night.
Israel and Lebanon were due to begin a new round of talks in Washington on Tuesday, with Beirut determined to continue direct negotiations even as the process appeared to be overshadowed by Iran’s decision to make Lebanon part of its negotiations with the United States.
