U.S. Treasury Secretary Scott Bessent said on the 22nd (local time) that sanctions related to Iran's crude oil production, sales, and shipments would be waived for 60 days.
Minister Bessent said in a post on X (formerly Twitter) that all previously banned Iran-related crude oil transactions would be temporarily allowed for 60 days. The waiver period runs until 12:01 a.m. Aug. 21 this year, Eastern time.
Minister Bessent cited as reasons for the temporary sanctions waiver Iran's pledge for "free and open passage" through the Strait of Hormuz and its allowing the International Atomic Energy Agency (IAEA) to reenter.
U.S. Vice President JD Vance, who held the first follow-up talks after signing a memorandum of understanding (MOU) to end the conflict with Iran, also said at a news conference that "Iran agreed to invite the IAEA inspection team back to the country," noting that nuclear inspectors are expected to begin work this week.