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The US President Donald Trump and Iranian President Masoud Pezeshkian electronically signed a Memorandum of Understanding (MoU) on 17 Jun to end the war. The MoU said the US will stop its blockade on Strait of Hormuz, Iran will open the Strait, the US promised a USD 300B plan for Iran's 'reconstruction', and that it will terminate all sanctions on Iran. President Trump signed the deal at Versailles, France, during the G-7 summit. Iran opened the Strait conditional to Israel stopping bombardment on Lebanon. However on 20 Jun, Israel bombed and killed 26 Lebanese and Iran closed the Strait again. On 21 Jun, to start the 60-day period to settle broader issues that have dogged US-Iran relations for decades, the Iranian Speaker Mohammad Bagher Ghalibaf and Foreign Minister Abbas Araghchi went to Bürgenstock Resort, a secluded mountain retreat overlooking Lake Lucerne, Switzerland. They were to meet US Vice President JD Vance, US special envoy Steve Witkoff, and President Trump's son-in-law Jared Kushner, when President Trump made profanity-ridden social media posts in which he threatened to bomb and ‘take over’ Iran. He threatened to assassinate Iran's leaders. Iran's delegation filed a formal complaint with the Pakistani and Qatari mediators, and walked out of the talks. However, on 22 Jun, talks progressed and the US authorized transactions related to the production, sale, transportation, and offloading of Iranian crude oil, petroleum products and petrochemicals until 21 Aug, marking the first major sanctions relief for Tehran since President Trump reimposed sweeping curbs in 2018. Meanwhile, after the US-Iran preliminary peace understanding, nitrogen fertilizer prices have slumped from record highs. Urea prices have fallen about 50% from their April peak, dropping to prewar levels. Sulfur prices, a core raw material for phosphate fertilizers and sulfuric acid, have experienced a precipitous drop, completely reversing the previous three-month-long unilateral upward trend. However, if the US and Iran do not go to war again, the prices will take months to stabilize and will affect paddy sowing in Panjab. Concurrently, five men from Panjab who were stranded in Lebanon for several years, have safely returned home after their plight was raised by head granthi (reciter) Pritpal Singh of the Adonis Gurdwara, Beirut and the issue was taken up by Lieutenant Governor of Delhi Taranjit Singh Sandhu with the Indian Embassy at Beirut (earlier coverage).
US & Iran Talks at Bürgenstock Resort Switzerland Photo by The Hindu
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