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U.S. relaxes Iran sanctions following talks; Lebanon violence eases

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The United States on Monday suspended sanctions on Iran for 60 days after the first negotiations under a new peace pact, as officials reported a continued pause in fighting in Lebanon under the agreement to end hostilities across the region.

The developments came after a weekend that threatened to jeopardise the week-old pact, with U.S. President Donald Trump threatening to reignite the war if Iran impeded shipping through the Strait of Hormuz after Tehran declared the crucial waterway blocked. Traffic in the strait picked up Monday and oil prices began their drop.

U.S. Vice President JD Vance said meetings with Iranian officials in Switzerland had built a good basis for a final peace agreement, however Iran denied it had begun talks over its nuclear program.

U.S.-Israeli strikes on Iran and Israeli attacks in Lebanon have killed thousands and uprooted millions. The conflict with Iran has also roiled markets throughout the world and driven up global oil prices, which closed down 3 percent Monday after Vance said some progress had been made.

The two sides negotiated a plan for a permanent agreement within 60 days at discussions in the Qatari-owned Swiss alpine resort of Buergenstock, where they tried to expand on the temporary arrangement they reached last week, mediators Pakistan and Qatar said.

They also agreed on a mechanism to cease hostilities in Lebanon between US ally Israel and Iran-aligned Hezbollah and created a communications channel to help assure safe passage for commercial ships through the Strait of Hormuz to avert war in the crucial waterway.

In one of the first of numerous steps under the agreement, the U.S. Treasury announced a waiver until Aug. 21 on sanctions that allow Tehran to sell oil and related products and get paid for them, providing economic relief to Iran.

Vance upbeat on assessment

Vance, positive since the memorandum of understanding was signed, said Tehran has agreed to let in nuclear inspectors and to create systems for dealing with its frozen assets overseas and for managing cease-fires.We built a very excellent basis for a successful final deal,” he told reporters after participating in the talks.

But Iran’s Foreign Ministry spokesman Esmaeil Baghaei told the official IRNA news agency Iran had not yet discussed nuclear problems and made new pledges.

“Iran will agree to weapons inspections to ensure ‘nuclear honesty,’ ” Trump stated Monday on Truth Social.Later Trump told reporters, “If Iran doesn’t live up to their agreement, or if they’re not behaving, I will do what I have to do.

Iran has cut back on inspections by the International Atomic Energy Agency since the U.S. and Israel conducted an initial round of air strikes last year, then stopped them altogether when war broke out in February. It insists its nuclear program is for peaceful purposes.

Foreign Minister Abbas Araqchi stated on social media that Tehran had received waivers for oil and petrochemical exports, release of some of its blocked assets abroad and launching of a rehabilitation and development plan for Iran.

White House envoy Jared Kushner, Trump’s son-in-law, had worked out a procedure under which the U.S. and Qatar would oversee Iranian finances when they were unfrozen and the money could be used to buy U.S. corn, soy and wheat, Vance said.“So the money that we lift is going to go to our farmers,” Trump told reporters.

Iran’s Central Bank Governor Abdolnaser Hemmati claimed there was no such duty and stated at least some of the remaining frozen funds might be used to buy other non-sanctioned items, Iran’s Tasnim news agency reported.

Cease-fire

Technical conversations are scheduled to continue through the end of the week.

The interim peace accord calls for a halt to all hostilities, including Lebanon, which Israel invaded in March after Hezbollah fired across the border.

Israel has not signed the peace accord and has said it will not withdraw its troops from Lebanon but approved a new truce on Friday. Lebanese officials said the fighting had subsided since Saturday night but continued fiercely for another day.

Israel and Lebanon are scheduled to begin a fresh round of discussions in Washington on Tuesday, with Beirut eager to move forward with direct negotiations, even as they seem to be overshadowed by Iran’s intention to include Lebanon in its negotiations with the United States.

“The first two full days of quiet since the war started,” said Hassan Wazni, director of a hospital in the brutally battered city of Nabatieh.I’m taking it day by day and most of the time I’m sleeping at the hospital. “This is the longest ceasefire to hold,” he told Reuters over the phone.

More than a million Lebanese have been displaced by the war, some have begun to return home, but many are still afraid.

In the southern village of Qennarit, mourners carried the bodies of four women killed in the latest round of Israeli attacks on Saturday. The coffins were covered with yellow Hezbollah banners and the group’s green insignia of an arm holding an assault rifle.

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Gold price up by Rs5,700 per tola

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Gold prices increased in domestic and foreign markets, with the rate of gold in the international bullion market shooting up by $57 an ounce to $4,604.

The gold price in Pakistan went up by Rs5,700 per tola, reaching Rs482,936.

The price of 10 grams of gold too went up by Rs4,972 to Rs414,039.

Meanwhile the price of silver was constant. Silver Rs7,379 per tola and Rs6,326 per 10 grams.

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Notification and legalisation of regulations governing virtual asset services

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ISLAMABAD: Chairman Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal bin Saqib said on Saturday that the new regulations on virtual asset services have been notified and legalised and this step will protect digital investors from fraud.

Under the system, Pakistan would license and regulate virtual asset service providers. The regulations, which are part of the Virtual Assets Act, 2026, list ten types of licences, including exchange, custody, broker-dealer, advisory, lending and borrowing, derivatives, asset management, transfer and settlement, issuance and mining related services.

Each category puts up detailed standards including conduct, prudential, technology and anti-money laundering (AML) and countering the funding of “terrorism” (CFT).

The action is part of Pakistan’s broader attempt to formalise the oversight of cryptocurrencies and other digital currencies, bringing a largely uncontrolled industry under a framework in line with global norms to promote transparency, compliance and investor protection.

“This means that now there is a clear framework, a licensing process and a legal front door for any business that wants to provide virtual asset services in Pakistan, whether they are Pakistani or global,” Saqib said in a televised statement.

The rules would help safeguard investors in digital currencies from fraud and put the entire crypto market under the rule of law, the official added.

In Pakistan, the crypto market has been operating without any law and millions of people were participating in trading of digital currencies,” he said.

“But there were no regulations, no regulations at all,” he claimed. “And when such a big economic activity is outside the law, the risk is on both sides.

In a separate news release by PVARA, the authority said existing virtual asset operators need to apply for a no-objection certificate with the authority by September 5.

“Any person who was providing virtual asset services before the commencement of the Act shall submit a NOC application by such date or shall cease to provide virtual asset services,” PVARA added. “After that date, operating without an application is an offense.”

Licensed virtual asset service providers must maintain customer holdings distinct from their own and cannot lend or pledge them without prior approval, said PVARA. “Promises will be binding commitments,” the authority added.

The authority said it will allow licensed providers to get into the formal banking system.

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Dealers’ margin on petrol, diesel rises 14pc

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The dealers’ margin on petrol and diesel has been increased by 14 per cent with immediate effect and Rs1.34 per litre allowed for the dealers of both petroleum products.

The dealers’ profit has gone up from Rs8.64 to Rs9.98 per litre following the hike.

The rise in the dealers’ margin is effective from immediately.

The government had raised the price of fuel by Rs3.81 a litre the previous nite, bringing its new price to Rs341.59 a litre.

Likewise, the price of high-speed diesel was increased by Rs3.59 per litre, with the new price set at Rs368.29 per litre.

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