US Temporarily Lifts Some Oil Sanctions on Iran After Talks; Iran Denies New Nuclear Deal

Washington DC. After the first round of talks held in Switzerland with the objective of ending the war between America and Iran, America has temporarily lifted some sanctions related to oil on Iran. However, Iran has denied the claim that US Vice President JD Vance has agreed to re-admit nuclear inspectors.

 After the talks held at the Burgenstock Resort in Switzerland, Vance had said that the process with the International Atomic Energy Agency (IAEA) inspectors could start as early as today. But Iran's Foreign Ministry spokesperson Ismail Bakai, speaking to the state news agency IRNS, said that Iran has not made any new commitment regarding nuclear inspection. 

In a joint statement issued by mediators Qatar and Pakistan, it is mentioned that America and Iran have prepared a roadmap to reach a final agreement within 60 days. Vance said that the talks have laid a very good foundation. According to him, both sides also discussed keeping the Strait of Hormuz fully open and maintaining a regional ceasefire.

A 60-day special exemption issued by the US Treasury Department allows Iran to produce, sell, and transport oil and petrochemical products in US dollars. This exemption will be valid until August 21. During this period, Iranian oil can also be directly imported into America. This will also facilitate banking transactions, insurance, and transportation services. In the past, Iran had been using complex networks to evade sanctions.

US Treasury Secretary Scott Bessent said that in return for the decision to ease sanctions, Iran has agreed to keep the Strait of Hormuz open and re-admit IAEA inspectors. US President Donald Trump also claimed on social media that Iran is ready to accept important weapons inspections. However, Iran has denied the US claim and clarified that no new agreement has been reached. According to spokesperson Bakai, any cooperation with UN inspectors will only be in accordance with the existing rules set by Parliament and the Supreme National Security Council.