Iran says US has agreed to lift sanctions on oil, shipping

Iran on Wednesday said the U.S. had agreed to lift former President Trump’s sanctions on Iranian oil and shipping that have devastated the country’s economy.

“An agreement has been reached to remove all insurance, oil and shipping sanctions that were imposed by (former U.S. President Donald) Trump,” said outgoing Iranian President Hassan Rouhani’s chief of staff, Mahmoud Vaezi, Reuters reported, citing state media. 

The Hill has reached out to the White House and the U.S. State Department to confirm Vaezi’s remarks.

This reported development comes as negotiations with Iran to reenter nuclear deal adjourned in Vienna on Sunday. 

Top Iranian negotiator Abbas Araqchi told Iran’s state media that both sides were “closer than ever to an agreement,” but some distance remains.

The European Union’s political director, Enrique Mora, appeared to share Araqchi’s assessment, telling reporters, “We are closer to a deal, but we are not still there. We are closer than we were one week ago, but we are not still there.”

U.S. national security adviser Jake Sullivan on Sunday said there was still a “fair distance to travel” when it came to the Joint Comprehensive Plan of Action (JCPOA).

Tehran has stated that the U.S. sanctions must be lifted if progress is to be made in the nuclear talks. The U.S. has yet to directly engage in negotiations with Iran, indirectly participating through its allies.

Iran’s economy saw a sharp increase after the JCPOA was signed. However, it quickly shrank and has continued to so after Trump withdrew from the agreement and issued a slew of sanctions against the country.

Since the sanctions were issued in 2018, oil production and exports have dropped, trade has diminished, and inflation has skyrocketed in Iran.