US Waives Iran Sanctions as Peace Talks Progress and Lebanon Ceasefire Holds

The United States has granted Iran a 60-day sanctions waiver after high level talks in Switzerland produced early progress toward a broader regional peace agreement. Negotiators agreed to continue technical meetings this week and work toward a permanent deal within the next 60 days.

US Vice President JD Vance said the discussions created a strong foundation for a final agreement. He also stated that Iran had agreed to allow nuclear inspectors and establish mechanisms for handling frozen assets and ceasefire arrangements. However, Iranian Foreign Ministry spokesperson Esmaeil Baghaei rejected claims that Tehran had entered detailed nuclear negotiations or made new commitments on its nuclear program.

Dispute Over Use of Unfrozen Iranian Funds

The sanctions waiver allows Iran to sell oil and related products until August 21. Iranian Foreign Minister Abbas Araqchi welcomed the move, saying it would help restore oil exports, release some frozen assets and support reconstruction efforts.

A disagreement remains over how the funds will be used. Vance said a proposal involving Jared Kushner would place oversight on the money, while Iran’s Central Bank Governor Abdolnaser Hemmati said Tehran would retain flexibility to purchase various non-sanctioned goods.

Lebanon Fighting Eases Under Ceasefire

The agreement also includes efforts to reduce tensions in Lebanon and protect commercial shipping through the Strait of Hormuz. Lebanese officials reported that fighting between Israel and Hezbollah has largely subsided since Saturday night, marking the longest period of calm in months. New talks between Lebanon and Israel are expected in Washington as diplomatic efforts continue across the region.