The US government on Monday formally waived oil sanctions on Iran for a period of two months — as nuclear talks continued with Iranian officials in Switzerland.

The Treasury Department notice says the waiver lasts through Aug. 21.

Although the sanctions waiver could in theory net Iran $60 billion annually, Vice President JD Vance defended the looming action last week, saying that the sanctions were difficult to enforce before the war and did not impede Iran’s exports, which largely go to China.