Iran’s top negotiator Mohammad Bagher Ghalibaf says an agreement has been reached with the US to release $12bn in frozen Iranian funds. This comes after the US announced a temporary easing of sanctions to allow the sale of Iranian oil and petrochemicals until August 21.
What’s happening in negotiations next?
Iranian Deputy Foreign Minister Kazem Gharibabadi says technical talks with the US have concluded and that the next phase “will take place under the supervision of the high-level committee” that includes Ghalibaf, Araghchi and Vance.
He said four working groups have been set up. They are on sanctions termination, the nuclear file, reconstruction and economic development, as well as the monitoring and implementation of the MoU.
Israel and Lebanon are also due to start a new round of direct talks in Washington, DC, today.
A US State Department official told AFP the goal of the fifth round of talks will be “to end the cycle of violence for good” and “advance a comprehensive peace and security agreement”.
Iran’s President Masoud Pezeshkian is also due in Pakistan’s capital, Islamabad, today. A spokesperson said Pezeshkian would “express appreciation” for Pakistan’s mediation efforts and explore new areas of bilateral trade cooperation.
Ghalibaf hails ‘good achievements’ in US-Iran talks
We can now bring you more from Ghalibaf’s comments on the outcome of the US-Iran talks in Switzerland.
“In my view, this trip had good achievements, especially regarding the discussion of the strait, the Lebanon discussions, the question of oil waiver, and the matter of releasing the frozen funds, which is one of the steps we are taking forward. Of course, we believe we are still at the beginning of this work and must continue our efforts.”
He confirmed the release of two tranches of $6bn in frozen funds and said sanctions on Iran’s oil sector remain because a final deal has not yet been reached. “Therefore, we need to obtain waivers so that we can sell our oil and conduct our banking activities… These waivers have now been secured, and the relevant agreements have been signed.”
On Lebanon, Ghalibaf said: “We agreed to establish a centre there to handle coordination”. The centre will address any disputes “in order to prevent a return to war, allow people to get back to their normal lives, and ensure that the areas occupied by Israel are vacated, and that Lebanon’s national sovereignty is respected”.
On the Strait of Hormuz, he stated that “everyone should know that the administration of the strait will never return to the way it was before the war”. He added: “We agreed to establish coordination mechanisms [in the Strait of Hormuz], including a hotline and a centre that can be contacted whenever there is any ambiguity or dispute”.
US President Donald Trump said "respect" from Iran would be key to sustaining peace after the end of the Iran-Israel war, expressing optimism about fully reopening the Strait of Hormuz to create “an oil gusher". "As long as they respect us, I don't want to use the word fear because that's an inappropriate word, but as long as they respect us, we're not going to have any trouble,” Trump told reporters at his Oval Office on Monday. Iran effectively closed the strait after the US and Israel attacked on Feb 28, causing fuel prices to skyrocket far beyond the region. The interim agreement to end the war was supposed to reopen the channel. Dozens of ships passed through it over the weekend, even though the main route is still mined and closed.