BURGEN STOCK: Iran has agreed to invite International Atomic Energy Agency (IAEA) inspectors back into the country, US Vice President JD Vance said on Monday, following the first round of US-Iran talks aimed at ending the Middle East war.
“The Iranians have agreed to invite IAEA inspectors back into their country,” Vance told reporters at Switzerland’s Burgenstock resort, where discussions with Iran’s chief negotiator Mohammad Bagher Ghalibaf began on Sunday.
Vance described the move as a “major milestone” for the United States and said it was the first step towards permanently denuclearising Iran or ending its nuclear weapons programme.
The talks in Switzerland marked the first phase of a two-month negotiating period established under a preliminary agreement reached last week.
Mediators Pakistan and Qatar said the negotiators agreed on a “roadmap towards reaching a final deal within 60 days”, while technical discussions would continue throughout the week at the Burgenstock resort, an isolated hotel complex in central Switzerland.
The proposed final agreement aims to end the conflict that began with a US and Israeli offensive on February 28, after which Iran responded with missile and drone attacks across the region. The fighting also led to the effective closure of the Strait of Hormuz, a key global trade and energy route.
The negotiations are expected to address some of the most difficult issues that have strained US-Iran relations for decades, including Tehran’s nuclear programme and enriched uranium reserves.
Under the terms of the preliminary agreement released by US officials, Iran will reduce its stockpile of enriched uranium, potentially through “down-blending on site under the supervision of the IAEA”, the United Nations nuclear watchdog.
The IAEA estimates that Iran had around 440 kilograms of uranium enriched to 60 percent, a level close to what is required for producing a nuclear weapon.
Iran suspended cooperation with the IAEA after Israel and the United States launched a previous round of attacks in June 2025, and inspectors have not had access to the material since then.
Vance said discussions regarding the return of IAEA inspectors to Iran were expected to begin soon.
“I expect that will happen at the minimum this week, but we think even some of those conversations with the inspectors and with the IAEA could happen as soon as today,” he said.
IAEA Director General Rafael Grossi said in a post on X on Sunday that he was present at Burgenstock, where he met Swiss Foreign Minister Ignazio Cassis.
Talks create ‘very good foundation’ for final agreement
Commenting on the negotiations, Vance said the first round of US-Iran talks had created a strong foundation for reaching a final agreement to end the Middle East war.
“We laid a very good foundation for a successful final deal,” Vance said.
“The final deal is the house. We set the foundation; we haven’t built the house, but we’ve laid a successful foundation to get to a good place for the American people,” he added.
Vance said significant progress had been made but acknowledged that further work remained on nuclear issues, economic matters, and efforts to restore the flow of traffic through the Strait of Hormuz.
“A lot of progress but still some work to do — and we’re very committed to doing exactly that,” he said.
He also insisted that the Strait of Hormuz remained open, with “millions and millions of barrels of crude and natural gas flowing through” after previously being disrupted.
Vance said he would return to the United States after the press conference, while technical-level discussions would continue at Burgenstock in the coming days and weeks.
Unfrozen Iranian funds will not finance terrorism: Vance
Vance also said that any Iranian assets unfrozen under a future agreement would not be used to support terrorism.
“If we ever unfreeze Iranian assets, we can ensure that Iranian money goes to help the people of Iran and not to fund terrorism,” he told reporters.
A key element of the memorandum of understanding includes a US commitment to eventually “terminate all types of sanctions against” Iran and make available the country’s frozen or restricted funds and assets.
Vance said criticism of this part of the agreement was based on “misreporting”.
Iran has faced asset freezes and extensive sanctions from the United States and other Western countries since the 1979 Islamic Revolution that removed US-backed Shah Mohammad Reza Pahlavi.
Although there is no official figure for the total amount of frozen Iranian assets, media reports have estimated the amount to be between $100 billion and $123 billion.
Vance said US President Donald Trump’s son-in-law and senior adviser Jared Kushner, along with Qatar, had developed a solution to ensure the funds would not be misused.
“If there is any frozen Iranian assets that are unfrozen, then we have approval over that process; the Qataris have approval over that process,” he said.
Vance described the arrangement as “a classic Trump deal”, saying that if Iranian assets are released, they would be used to support American farmers and provide assistance to the Iranian people.
He said the agreement would be beneficial for both countries and would contribute to a broader regional security framework that the parties are working to establish and maintain.