U.S. Treasury Secretary Scott Bessant (right) [AP=Yonhap News]

U.S. Treasury Secretary Scott Bessant announced on the 22nd (local time) that sanctions related to Iran's crude oil production, sales, and delivery would be waived for 60 days.

On the same day, Secretary Bessant stated in a post on his X (formerly Twitter) account that all previously prohibited transactions related to Iranian crude oil would be temporarily allowed for 60 days. The period of allowance extends until 12:01 AM Eastern Time on August 21st of this year.

Regarding the reason for the temporary waiver of sanctions, Secretary Bessant explained that Iran has pledged "free and open transit" through the Strait of Hormuz and has allowed the International Atomic Energy Agency (IAEA) to re-enter the country.

U.S. Deputy Vice President JD Vance, who held the first follow-up negotiations since signing the previous Memorandum of Understanding (MOU) with Iran, announced at a press conference that day, "Iran has agreed to invite IAEA inspectors back into its country," adding that the commencement of nuclear inspection activities is scheduled for sometime this week.