US and Iran make limited progress in first day of Swiss talks, disagreements remain

The United States announced a 60-day waiver of sanctions on Iranian oil after the first day of direct talks in Switzerland, allowing an estimated 67 million barrels stored in the Gulf to be sold at market rates. The move follows a memorandum of understanding signed last week and includes the establishment of a communication channel to prevent incidents in the Strait of Hormuz, which had been closed by Iran earlier this year.

Mediators Qatar and Pakistan said chief negotiators will report regularly to a high-level committee and work groups covering nuclear issues, sanctions and dispute resolution. However, the parties differ on other points. Iran’s chief negotiator, Mohammad Bagher Ghalibaf, claimed the United States agreed to release $12 billion of frozen Iranian assets, a statement not confirmed by Washington. Vice President JD Vance said any unfrozen funds would be used to purchase U.S. agricultural products, while Iranian officials said the assets would be free for Iran to use as it wishes.

The United States also said Iran had agreed to allow International Atomic Energy Agency inspectors back into the country, a claim Iran’s foreign ministry denied, stating no schedule had been set for inspections. Both sides said progress had been made on other nuclear matters, but details on Iran’s enriched uranium stockpile and the scope of future sanctions relief remain unresolved.

Iran’s ambassador to the United Nations in Geneva reported technical discussions were proceeding well and that working groups on sanctions and nuclear activities would be formed soon. The United States emphasized that further sanctions removal would depend on a final agreement approved by the United Nations Security Council.