The Iranian regime will receive a 60-day waiver on sanctions on its oil, the Trump administration said on Monday.

Amid a two-month negotiation window with the Islamic Republic after Washington and Tehran signed a memorandum of understanding, the regime is to be authorized to produce, deliver and sell “crude oil, petrochemical products and petroleum products of Iranian-origin through Aug. 21,” the Trump administration said.

“In line with ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency inspectors into the country,” wrote Scott Bessent, the U.S. treasury secretary.

“Treasury has issued a temporary 60-day general license authorizing the production, delivery and sale of Iranian oil,” he stated.

The license covers transactions “ordinarily incident and necessary” to the production, sale, delivery or offloading of such oil, petrochemical or petroleum products, and docking, anchoring, repairs, environmental work, storage, insurance and other areas of business.

It also relates to oil and products produced under global terrorism sanctions, in addition to other sanctions schemes.

U.S. Vice President JD Vance wrapped up a second day of talks with Iran in Switzerland on Monday. Technical teams are remaining in the country in the coming days to advance talks.

The negotiations come amid congressional concern, including from Republicans, that loosening sanctions and unfreezing seized Iranian assets are a repeat of mistakes made by the Obama administration as part of the original Iranian nuclear accord, from which Trump withdrew in 2018.