The pause in sanctions was announced by US Treasury Secretary Scott Bessent in a post on X.
"As part of the framework agreement, the Treasury Department has issued a 60-day temporary license allowing the production, delivery and sale of Iranian oil," the post states, and Bessent wrote that the decision was made "in line with the ongoing and productive talks in Switzerland."
Communication line
According to the mediating countries Pakistan and Qatar, progress has been made after a first round of negotiations that lasted into the wee hours.
Overnight, Iran and the United States reportedly agreed on various ways to prevent the worst tensions from flaring up again. They will establish a special communication line to avoid "accidents and misunderstandings" in the Strait of Hormuz and a contact group to work toward lasting calm in the Lebanon war.
Iran has agreed to invite inspectors from the International Atomic Energy Agency (IAEA) into the country, US Vice President JD Vance said on Monday.
Iranian Foreign Minister Abbas Araghchi describes the mediators as having made “great progress in ending the Lebanon war.” But he also highlights Lebanon - where Israel and Hezbollah need to adhere to a ceasefire - as the first “real test.”
Fragile in Lebanon
According to the mediators, further "technical talks" will take place this week, but it is not clear at what level.
The negotiations are taking place in Bürgenstock, Switzerland, and follow the declaration of intent that the US and Iran signed last week. The starting point is that the countries should reach a concrete peace agreement within 60 days.
The declaration of intent also includes Lebanon and states that the country's "territorial sovereignty shall be respected." Iran and its allies interpret this as requiring belligerent Israel to leave occupied land in Lebanon, but Israel does not interpret it that way.
A ceasefire was announced there on Friday, following an escalation that had consequences for talks between the US and Iran.
After US Vice President JD Vance arrived in Switzerland, he said that President Donald Trump was willing to “turn the page” with Iran. Around the same time, Trump himself issued new threats to attack Iran, which were followed by reports that the Iranians were about to return home.
Facts: The statement of intent
The US and Iran agree to a ceasefire and a 60-day deadline to negotiate a peace solution. The statement of intent consists of 14 points.
In a first stage, both countries and their allies will cease all hostilities. Lebanon's "territorial integrity and sovereignty will be ensured."
The US will begin to lift its naval blockade of Iran and ensure that Iranian crude oil exports can resume. Frozen Iranian assets will begin to be made available.
Iran will ensure that trade through the Strait of Hormuz can resume for 60 days, including through mine clearance. The country reiterates a promise never to acquire nuclear weapons. Negotiations on Iran's nuclear material are linked to the issue of sanctions relief.
In a possible peace agreement, the US will lift all sanctions against Iran and move all military forces from Iran's vicinity. The US, together with partners in the region, will develop a plan in which Iran will receive the equivalent of just over SEK 2,800 billion for "reconstruction and economic development" in an agreement.
The 60-day deadline can be extended. A final agreement must be approved by the UN Security Council.
