Key facts
- A draft memorandum of understanding between Iran and the U.S. has been finalized.
- The draft includes waivers on U.S. oil sanctions for Iran.
- Iran agrees not to produce or acquire nuclear weapons.
- The U.S. will release $25 billion of Iran's frozen assets.
- A final deal is to be discussed within 60 days of agreement.
A draft memorandum of understanding between Iran and the United States has been finalized, covering a range of issues including Tehran's nuclear program, the reopening of the Strait of Hormuz, and U.S. waivers on oil sanctions. A senior Iranian official told Reuters that a final deal would be discussed in the 60 days following an agreement by both sides.
According to the draft, Iran will immediately reopen the Strait of Hormuz to all commercial vessels, while the U.S. will lift its naval blockade on Iranian ports within 30 days of the memorandum being signed. The U.S. has also agreed not to impose any new sanctions on Iran until a final deal is reached. Following a final agreement, all U.S. and U.N. sanctions on Iran are to be lifted according to an agreed timetable. The U.S. will waive oil sanctions on Iran for a specified period, allowing Tehran to sell oil and receive revenue. Additionally, the U.S. agrees to release $25 billion of Iran's frozen assets, which could include direct cash transfers, cooperation among regional countries, and financial credit lines. Washington, in coordination with its regional allies, will also prepare a reconstruction and development plan for Iran, to be negotiated and agreed upon with Tehran within 60 days.
On the nuclear front, Tehran agrees that it will neither produce nor acquire nuclear weapons. Pending a final agreement, Iran would maintain the current status of its nuclear program, refraining from further uranium enrichment and expansion of nuclear facilities. The United States agrees to allow Iran to dilute its stockpile of highly enriched uranium on Iranian soil under a future comprehensive agreement. Iran's nuclear program, uranium enrichment activities, and mechanisms for handling its stockpile of highly enriched uranium would be negotiated within 60 days of the memorandum and addressed in a final agreement.
Negotiations between American and Iranian representatives in Switzerland remain ongoing and are expected to continue throughout the night, according to a senior U.S. official. The official rejected reports suggesting the Iranian delegation had left, stating that negotiations were still actively underway. Discussions covered Iranian messaging regarding the Strait of Hormuz, with mechanisms established to prevent escalation and help ensure the strategic waterway remains open. The parties will continue working on these issues and use the progress achieved so far as the basis for future technical discussions.