“As part of the framework, [the] Treasury has issued a temporary 60-day general license authorising the production, delivery, and sale of Iranian oil.”
Earlier, US Vice President JD Vance claimed that Tehran had “agreed to invite” inspectors from the IAEA into the country this week to assess the state of its 450kg of highly enriched uranium.
The memorandum sets a 60-day period for negotiators to settle the future of Iran’s nuclear programme. Iran said it held a “brief discussion” with the US over its nuclear programme during the talks in Switzerland, but insisted negotiations on the issue had not begun.
Oil prices fell after the sanctions were lifted. The price of Brent crude dropped by more than 3% to US$77 a barrel, down from a peak of almost US$120 last month.
Vance said Tehran’s decision to allow IAEA inspectors back into the country was a big step forward in negotiations.
He said: “That is a major milestone for the American people and the first step in permanently denuclearising or permanently ending a nuclear weapons programme in Iran.”
The talks in Switzerland were the first stage of a two-month negotiating period set out under a preliminary deal agreed last week.
Mediators Pakistan and Qatar said the negotiators agreed on a “roadmap towards reaching a final deal within 60 days”, with technical talks to continue for the rest of the week at Burgenstock, an isolated hotel complex in central Switzerland.
The final deal will seek to draw a line under the war launched by the United States and Israel on February 28, which prompted Iran to counter-attack with missile and drone salvos across the region - and effectively shut down the Strait of Hormuz.
The negotiators aim to tackle some of the most intractable issues that have dogged US-Iranian relations for decades, including Tehran’s nuclear programme and enriched uranium.
Under the terms of last week’s preliminary deal, released by US officials, Iran will dilute its enriched uranium stocks, possibly by “down-blending on site under the supervision of the IAEA”.
The IAEA estimates that Iran had 440kg of uranium enriched to 60% - close to the level needed for a bomb.
Iran suspended cooperation with the IAEA after Israel and the United States launched a previous wave of attacks in June 2025 and inspectors have not seen the material since.
Vance said he expected conversations with the inspectors about their return to Iran to begin imminently.
He said: “I expect that will happen at the minimum this week, but we think even some of those conversations with the inspectors... and with the IAEA could happen as soon as today.”
IAEA chief Rafael Grossi posted on X on Sunday that he was at the Burgenstock and met Swiss Foreign Minister Ignazio Cassis.
Sign up to Herald Premium Editor’s Picks, delivered straight to your inbox every Friday. Editor-in-Chief Murray Kirkness picks the week’s best features, interviews and investigations. Sign up for Herald Premium here.
