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US Vice President J.D. Vance (left) delivers opening remarks alongside Pakistani Prime Minister Shehbaz Sharif (center) and Qatari Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al Thani (right) at the Bürgenstock Resort in Switzerland on the 21st (local time). / AP Yonhap

The United States and Iran have reportedly drafted an agreement to temporarily ease sanctions on Iranian oil during summit meetings held in Bürgenstock, Switzerland, which commenced on the 21st (local time) to finalize a ceasefire Memorandum of Understanding (MOU).

According to the Tasnim News Agency, which is linked to Iran's Islamic Revolutionary Guard Corps (IRGC), Hossein Ghorbanzadeh, a member of the Iranian negotiating team, stated that the two sides aligned on a draft containing the temporary lifting of oil sanctions. However, he added that the remaining provisions of the MOU would not take effect unless a final agreement to end the war in Lebanon is reached.

Alongside the primary negotiation agenda, working-level sessions were held in parallel during the Swiss meetings to address technical concerns. "Through the technical talks, the draft for the temporary relaxation of sanctions on Iranian oil exports was finalized," Ghorbanzadeh said. Additionally, the Iranian delegation met with Qatari representatives to discuss the release of frozen Iranian assets overseas, according to Turkey's Anadolu Agency.

Meanwhile, Hamid Bovard, CEO of the National Iranian Oil Company (NIOC) and a member of the Iranian negotiating team, revealed in an interview on the 21st that the maritime blockade had been lifted as a result of the four-party negotiations in Switzerland, allowing the resumption of Iran's crude oil exports through the Persian Gulf, Iran's state-run IRNA news agency reported.

"As part of the initial phase, Iranian vessels are crossing previously blockaded waters toward their destinations," Bovard said. "Over the past few days, nearly half of our monthly crude export volume has been shipped abroad, and once the MOU is fully implemented, exports will recover to normal levels."

He also explained that expanding investment and lifting oil sanctions were the primary concerns during the negotiations, adding that a revised proposal had been presented to the U.S. side with the expectation of its execution.

                                                                                                           Lee Jung-eun