BÜRGENSTOCK (Realist English). The first round of direct talks between the United States and Iran at the Swiss resort of Bürgenstock concluded with breakthroughs on two key fronts.
US Vice President JD Vance announced that Tehran had agreed to allow inspectors from the International Atomic Energy Agency (IAEA) access to its nuclear facilities. At the same time, the US Treasury issued a 60‑day licence for the production, supply and sale of Iranian oil, effectively suspending sanctions.
The talks lasted late into the night and, according to Vance, were a “very, very good day” of progress. The US delegation said it had achieved four goals: establishing a mechanism to preserve shipping in the Strait of Hormuz, launching a regional de‑escalation mechanism in Lebanon, securing the return of IAEA inspectors, and laying the groundwork for subsequent technical talks.
Return of IAEA Inspectors: ‘Important Milestone’
Vance called Iran’s agreement to allow IAEA inspectors an “important milestone” and the first step toward “complete denuclearisation” of Iran.
According to him, coordination between the US, Iran and the IAEA on nuclear facilities could begin as early as June 22, with inspectors expected to start work no later than this week.
Under the 14‑point memorandum of understanding signed on June 17 by Presidents Donald Trump and Masoud Pezeshkian, Iran committed to diluting its stockpiles of highly enriched uranium under IAEA supervision. Vance stressed that this requirement was “very clearly spelled out” in the memorandum.
At the same time, Iran insists that its nuclear programme is exclusively peaceful. Iranian Foreign Ministry spokesman Esmaeil Baghaei said Tehran continues to cooperate with the IAEA in accordance with the decision of the Supreme National Security Council, but stressed that the nuclear issue was not discussed during the talks in Switzerland and that no new commitments were made.
Temporary Lifting of Sanctions on Iranian Oil
The US Treasury issued a temporary 60‑day licence authorising the production, supply and sale of Iranian crude oil, petrochemical products and petroleum products. The licence, valid until August 21, allows transactions in US dollars and permits the import of Iranian oil into the United States.
Treasury Secretary Scott Bessent said the decision was made in fulfilment of commitments under the memorandum and in connection with “productive” talks in Switzerland. He noted that Iran had undertaken commitments on free transit through the Strait of Hormuz and the admission of IAEA inspectors.
Strait of Hormuz and Lebanese De‑escalation Mechanism
Vance said the Strait of Hormuz is currently open and energy shipments through it are continuing. The parties have established a direct communication line to prevent incidents and misunderstandings, in order to ensure the safe passage of commercial vessels.
In addition, an agreement was reached to create a “de‑confliction cell” involving the US, Iran and Lebanon, with Qatar and Pakistan as mediators, to halt military operations in Lebanon. Vance acknowledged that the mechanism is being established without direct Israeli participation, but said its goal is de‑escalation and stability in the region.
Market Reaction and Criticism
News of the sanctions relief triggered a further drop in oil prices: Brent fell more than 3.5% to $77.7 a barrel. Analysts note that Iran will be able to export oil at market prices after years of forced discounted sales, although restoring production will take time.
At the same time, the agreement has already faced criticism. Former US special envoy for Iran Robert Malley said that offering economic incentives was “what any negotiator should have done.” However, he called the Trump administration’s willingness to ease sanctions a “guilty verdict” on the very policy Trump had previously pursued. Critics point out that the agreement is more generous to Iran than the 2015 Joint Comprehensive Plan of Action.
