The United States has agreed to partially lift oil sanctions on Iran and release $12 billion in frozen Iranian assets. The decision followed an 18-hour negotiation in Switzerland, led by U.S. Vice President JD Vance and Iranian chief negotiator Mohammad Bagher Ghalibaf. The U.S. Treasury Department announced that Iran will be allowed to sell oil and petrochemical products until August 1.

According to negotiators, the move came after Iran showed serious commitments on nuclear issues and agreed to inspections by the International Atomic Energy Agency (IAEA). President Donald Trump stated that the released funds would be used to purchase U.S.-made goods, a claim rejected by Iran’s central bank, which insisted Tehran has no obligation to buy American agricultural products.

Ghalibaf defended the talks amid domestic criticism, saying the delegation went to Switzerland to help stop bloodshed in Lebanon. Vice President Vance noted that Iran had made significant concessions, including allowing nuclear inspectors into the country for the first time in years.