New York, June 23 -- The United States has temporarily lifted sanctions on Iranian oil and petrochemical exports, a move that will allow Tehran to transact with international trading partners freely and even receive payments in dollars.

"Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and a major reconstruction & development plan launched for Iran," Iranian foreign minister Seyed Abbas Araghchi said in a social media post.

The easing of the sanctions regime is for a period of 60 days until August 21, 2026. The waiver will continue alongside deliberations between the US and the Iranian regime on a durable peace deal following the signing of a memorandum of understanding putting an end to hostilities an...