Iran, US finalize draft on temporary oil sanctions relief

Iran and the United States have finalized a draft agreement covering the temporary lifting of sanctions on Iranian oil exports during talks held in Switzerland, according to Hossein Ghorbanzadeh, a member of Iran’s negotiating team . The discussions extended beyond main negotiations to include separate technical meetings, which concluded with the finalization of a draft concerning the temporary easing of sanctions imposed on Iranian oil exports .

Broader provisions tied to Lebanon

Ghorbanzadeh stated that the remaining provisions of the memorandum of understanding between Iran and the US “will not enter into force” unless a final settlement is reached to end the war in Lebanon, as reported by Iran’s semi-official Tasnim news agency . The Iranian delegation also discussed the release of frozen Iranian assets during meetings with the Qatari delegation . Earlier Sunday, talks between the US and Iran opened at the Burgenstock resort in Switzerland under the framework of the Islamabad Memorandum of Understanding.

Islamabad memorandum framework

On June 14, Iran and the US announced they had reached a 14-point understanding through Pakistani mediation aimed at ending the war and resolving disputes through dialogue . The memorandum entered into force on June 18 after being electronically signed by Iranian President Masoud Pezeshkian and US President Donald Trump . Its provisions include ending hostilities on all fronts, including in Lebanon, reopening the Strait of Hormuz, and lifting the US naval blockade imposed on Iran.