According to Iranian sources, the agreement will open the Strait of Hormuz and lift the US naval blockade within 30 days in addition to suspending sanctions on Iranian oil.
The release of $25 billion in frozen Iranian funds, suspension/withdrawal of sanctions, economic development plans and the entire nuclear program are all put off for another 60 days.
NEW: A senior Iranian official told Reuters that a draft memorandum of understanding between Iran and the United States has been finalized and covers a broad range of issues, including Iran's nuclear program, sanctions relief, frozen assets, oil exports and the Strait of Hormuz.
According to the Iranian official, the draft includes the following points:
๐น NUCLEAR PROGRAM โข Iran would commit to neither producing nor acquiring nuclear weapons. โข Pending a final agreement, Tehran would maintain the current status of its nuclear program and refrain from further uranium enrichment or expansion of nuclear facilities. โข Iran's future enrichment activities and the handling of its stockpile of highly enriched uranium would be negotiated within 60 days and included in a final agreement. โข The United States would allow Iran to dilute its stockpile of highly enriched uranium on Iranian soil under a future comprehensive deal.
๐น STRAIT OF HORMUZ โข Iran would immediately reopen the Strait of Hormuz to all commercial shipping. โข The United States would begin lifting what Iran describes as a naval blockade on Iranian ports immediately after the memorandum is signed. โข The process would reportedly be completed within 30 days.
๐น SANCTIONS & FINANCIAL MEASURES โข The United States would not impose any new sanctions on Iran while negotiations toward a final agreement continue. โข Following a final agreement, U.S. and U.N. sanctions on Iran would be lifted according to an agreed timetable. โข Washington would grant waivers on Iranian oil exports for a specified period, allowing Tehran to sell oil and receive revenues. โข The United States would release approximately $25 billion in frozen Iranian assets through a combination of direct transfers, regional financial cooperation and credit mechanisms.
๐น ECONOMIC DEVELOPMENT โข Washington, in coordination with regional partners, would prepare a reconstruction and development plan for Iran. โข The proposal would be negotiated with Tehran and finalized within 60 days after the memorandum enters into force.
According to the Iranian official, the memorandum would serve as a framework for a broader final agreement, with detailed negotiations continuing for up to 60 days after both sides sign the document.
These details come from an Iranian official speaking to Reuters and have not yet been formally confirmed by the United States.