U.S. Issues 60-Day Iran Sanctions Waiver After Switzerland Talks; Trump Issues Warning

BUERGENSTOCK, WASHINGTON — The United States Treasury waived sanctions on Iran for 60 days, allowing Tehran to export oil and petroleum products and receive payment. The waivers are valid until Aug. 21, 2026.

"If Iran doesn't live up to their agreement, or if they're not behaving, I will do what I have to do," President Donald Trump said.

The United States and Iran held talks in Buergenstock, Switzerland. The talks ended earlier than scheduled. Pakistan and Qatar served as mediators.

Both sides said the talks produced a roadmap for a permanent peace agreement. Both sides said a final agreement was targeted within 60 days.

Vice President JD Vance said the outcome was "a very good foundation for a successful final deal."

Iranian President Masoud Pezeshkian said "statements outside the agreed text do not help advance negotiations."

Vance said Iran had agreed to allow nuclear inspectors and to nuclear transparency.

Iran said nuclear talks had not started. Iran said it had not invited IAEA inspectors.

Iranian officials had not met IAEA chief Rafael Grossi in Switzerland, Iran said. Tehran also said it had no plans to allow the IAEA to inspect its damaged nuclear facilities.

Iran said the agreement included provisions on Lebanon. Iran said those provisions covered ending Israel-Hezbollah fighting, a ceasefire mechanism and Israeli troop withdrawal.

Israel said it would maintain its security zone. Israel said it would continue taking action against threats.

Vance said Qatar and the United States would monitor frozen Iranian funds. Vance said the money would be used to purchase U.S. agricultural products including corn, soy and wheat. "The money that we lift is going to go to our farmers," Trump said.

Iran's Central Bank said no such obligation existed. Iran's Central Bank said the funds could be used for other non-sanctioned goods.

A communication line for commercial shipping was established through the Strait of Hormuz. Tanker traffic increased. Oman said it supported safe passage through the waterway.

Crude oil prices fell approximately 3 percent on Monday. Prices fell further on Tuesday.

The conflict killed thousands of people and displaced millions in Iran and Lebanon.

Trump faces pressure from Republicans who say Iran's nuclear programme should be shut down completely. Fuel prices rose. U.S. midterm elections are scheduled for November.

The sanctions waivers expire on Aug. 21, 2026.