- The Treasury Department issued a two-month sanction waiver allowing Iran to sell oil and receive direct dollar payments — a first in decades — while also legalizing shadow fleet tankers and lifting terrorist-activity sanctions on Iranian entities including its central bank.
- Vance said Iran agreed to allow IAEA inspectors back, but Iran’s state media denied any new nuclear commitments, and IRGC-linked outlets called inspectors “very damaging.”
- The waiver is part of a broader MOU framework that includes deconfliction mechanisms for Lebanon and Hormuz, and allows Iran’s frozen funds to be used for US food purchases (though Iran disputes these restrictions).
- Former Treasury official Miad Maleki called it “a fundamental departure from the Iran sanctions architecture Congress built over the last two decades.”
What Happened?
The US Treasury Department issued a two-month sanctions waiver enabling Iran to sell oil and receive direct dollar payments for the first time in decades. The waiver also legalizes shadow fleet tankers used to circumvent prior sanctions and lifts terrorist-activity-related sanctions on Iranian entities, including the Iranian central bank. The move follows last week’s signing of a memorandum of understanding and comes as lower-level delegates from both sides continue talks in Switzerland following the departure of Vance and Iran’s Parliament Speaker Ghalibaf on Monday.
Why It Matters?
The waiver represents a fundamental break from the “maximum pressure” sanctions regime that has defined US-Iran relations for decades. European traders are already reaching out for Iranian crude, though no US companies have done so yet. Trump said Iran’s unfrozen funds — Iran claims $12 billion in two equal installments — would be restricted to purchasing US food and medical supplies, but Iran’s Foreign Ministry rejected that characterization, saying the money would be used “freely, in whatever manner it deems appropriate.” The political optics are delicate: critics fear Iran will use the funds to rebuild its military and support Hezbollah, while Trump is navigating pressure from defense hawks in his own party.
What’s Next?
Technical working groups set up during the Switzerland talks will tackle the mechanics of unwinding sanctions and curbing uranium enrichment. IAEA Director General Grossi wants inspectors at Natanz, Fordow, and Isfahan — all sites damaged in US and Israeli strikes. Hormuz traffic is picking up but remains a fraction of prewar levels; Oman and Iran will begin talks on the strait’s future administration, including associated costs. Secretary of State Rubio heads to the UAE, Kuwait, and Bahrain this week to reassure Gulf allies. Trump warned that a nuclear weapon “supersedes depression” and said he would attack again if Iran violates the MOU.
Source: The Wall Street Journal
