BUERGENSTOCK: The United States has announced a 60-day waiver on sanctions against Iran following initial talks under a tentative peace agreement, prompting US President Donald Trump to warn that he will “do what I have to do” if Tehran does not comply with the terms.
The interim understanding, aimed at easing months of regional tensions, saw US and Iranian officials agree on a roadmap towards a longer-term settlement during high-level talks held in the Swiss mountain resort of Bürgenstock.
Mediated by Pakistan and Qatar, the framework also includes steps to halt fighting in Lebanon between Israel and Iran-aligned Hezbollah, as well as the establishment of a communications channel to ensure safe commercial passage through the Strait of Hormuz.
Following the announcements, global crude prices extended losses on Tuesday, building on a three per cent drop the previous day as market concerns eased over possible disruptions to energy routes.
Divergent Narratives Over Nuclear Oversight
Despite the positive momentum, contradictions emerged between Washington and Tehran regarding the scope of the concessions made during the Swiss negotiations. US Vice President JD Vance delivered an upbeat assessment, asserting that Tehran had agreed to readmit international nuclear inspectors and establish protocols to manage its frozen foreign assets.
President Trump reiterated this optimism in a social media post, saying Iran would agree to weapons inspections to ensure “nuclear honesty.”
Inspection activities by the International Atomic Energy Agency (IAEA) have been restricted since US-Israeli air strikes on Iran last year and were later suspended completely when full-scale conflict began in February.
However, Iran’s Foreign Ministry spokesperson Esmaeil Baghaei downplayed the American claims, telling the official IRNA news agency that Tehran had not yet entered discussions regarding its nuclear programme, which it maintains is purely peaceful, nor had it made any new commitments on the matter.
Disputes Over Unfreezing of Assets
The economic relief mechanism has also led to tensions over how Iran’s unfrozen funds will be used. Iranian Foreign Minister Abbas Araqchi confirmed that Tehran had secured a 60-day US Treasury waiver on oil and petrochemical exports, along with the release of selected overseas assets to support a domestic reconstruction plan.
US Vice President Vance said a mechanism developed by White House envoy Jared Kushner provides for joint US and Qatari oversight of the funds, ensuring they are used to purchase American agricultural goods, including corn, soy and wheat.
“The money that we lift is going to go to our farmers,” Trump told reporters, describing the deal as beneficial for domestic agriculture.
However, Iran’s Central Bank Governor Abdulnaser Hemmati rejected this interpretation. Speaking to Tasnim news agency, he said there was no such purchasing requirement and that Iran retained control over how the funds were used for permitted imports. Technical talks between the delegations are due to continue through the week to address these issues.
