A senior Iranian official has revealed that a final draft memorandum of understanding with the United States has been prepared, covering issues ranging from Tehran's nuclear programme to reopening the Strait of Hormuz and U.S. waivers on oil sanctions. A final deal is expected to be discussed within 60 days of agreement by both sides.
Key Provisions of the Draft Memorandum
The draft states that Iran will immediately reopen the Strait of Hormuz to all commercial vessels, while the United States will lift its naval blockade on Iranian ports. This process would begin as soon as the memorandum is signed and be completed within 30 days.
On the financial side, the draft outlines that the US will not impose any new sanctions until a final deal is reached. Once that deal is signed, all US and UN sanctions on Iran will be lifted according to an agreed timetable.
Oil Sanctions and Frozen Assets
Washington will also waive oil sanctions for a specified period, allowing Tehran to sell oil and receive revenue. Additionally, the US agrees to release $25 billion of Iran's frozen assets through direct cash transfers, regional cooperation, and financial credit lines. In coordination with its regional allies, the US will prepare a reconstruction and development plan for Iran, to be negotiated within 60 days.
Nuclear Commitments
The nuclear section of the draft is particularly sensitive. Tehran commits not to produce or acquire nuclear weapons. Pending a final agreement, Iran will maintain the current status of its nuclear programme, refraining from further uranium enrichment or expansion of nuclear facilities.
The United States has agreed to allow Iran to dilute its stockpile of highly enriched uranium on Iranian soil under a future comprehensive agreement. Details of Iran's nuclear programme, uranium enrichment activities, and mechanisms for handling its stockpile of highly enriched uranium will be negotiated within 60 days and addressed in the final agreement.
Potential Impact and Next Steps
This draft memorandum signals a possible turning point in U.S.–Iran relations, with both sides setting the stage for negotiations that could reshape regional dynamics and global energy markets. The coming 60 days will be crucial in determining whether these commitments can be transformed into a comprehensive and lasting deal.
