Vance says 60-day period in US-Iran deal has begun
US Vice President JD Vance said that the 60-day period determined by the memorandum of understanding approved by President Donald Trump and Iranian leaders has begun.
“I can say that the 60-day period officially begins today,” Vance said in a briefing with reporters at the White House on Thursday.
Asked what will happen after the 60-day period in terms of management of the Strait of Hormuz, Vance repeated his view that the main US supply route for oil and gas shipments should be exempt from the toll.
Iran largely blocked the waterway during the war.
“Final negotiations could set the terms for what happens next,” Vance said.
Over the course of 60 days, negotiators are expected to address some of the most contentious and unresolved issues left open in the initial agreement.
These include important questions about Iran’s nuclear program and the future of its highly enriched uranium stockpiles.
Many analysts doubt that the two sides could reach a final agreement within the 60-day period specified in the memorandum of understanding.
The 60-day period may be extended if both parties agree.
The framework agreement entered into force “with immediate effect” on Thursday night after being signed by both parties, according to Pakistan, which brokered the agreement.
The agreement has already been signed electronically, Vance said.
“Today we will start the 60-day period,” he said.
The agreement was initially expected to be officially signed at a face-to-face ceremony in Switzerland on Friday, to be attended by Vance, and the next phase of talks would begin.
Trump later signed a copy of the document Wednesday evening at the Palace of Versailles outside Paris, where French President Emmanuel Macron hosted him following the G7 summit.
Sitting next to Trump as he signed the document, Macron told him, “Great job.”
Vance, who plays the role of Trump’s chief negotiator, said he plans to go to Switzerland to meet with Iran, although the timing has not yet been determined.
“We’re trying to figure out exactly when that will happen,” he said, adding that the trip could happen as early as this weekend, depending on whether arrangements can be made with Iran.
Vance said 12.5 million barrels of crude oil passed through the Strait of Hormuz overnight.
Shippers say it will still take time for transit through the strait to reach pre-war levels because of the need to ensure safe access and clear mines.
Richard Meade, editor-in-chief of Lloyd’s List, said that ships owned by large companies have passed the strait for the first time in 110 days after being virtually stranded there since February.
The Bosphorus is the transit point for world oil and natural gas.
Before the war, the waterway off the coast of Iran carried one-fifth of the world’s crude oil.
Lloyd’s List did not say how many ships had or had passed through the strait as of Thursday.
It was stated that tankers controlled by major ship owners Grimaldi Group, Cosco, Knutsen and NYK passed through the Bosphorus.
with DPA
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