US-Iran draft deal: What has been agreed so far?

TEHRAN/DUBAI: Iran and the United States have reached a breakthrough consensus on a final draft memorandum of understanding that addresses decades of regional hostility, nuclear expansion, and severe economic blockades, a senior Iranian official told Reuters on Sunday.

The initial agreement sets the stage for an immediate cooling of military tensions, to be followed by a comprehensive 60-day negotiation period to finalise a permanent treaty.

Under the maritime and security clauses of the draft, Iran has committed to immediately reopening the strategic Strait of Hormuz to all international commercial shipping.

Concurrently, the United States will begin lifting its heavy naval blockade on all Iranian ports immediately upon the signing of the memorandum, with total removal completed within a 30-day window.

The financial relief package outlined in the text includes a strict commitment from Washington to halt the imposition of any new sanctions against Tehran until a final accord is permanently signed.

Furthermore, the US has agreed to implement a temporary oil sanctions waiver, granting Iran immediate permission to resume global oil sales and collect vital energy revenues.

Crucially, the draft guarantees the release of 25 billion dollars in frozen Iranian assets through direct cash transfers, financial credit lines, and regional state cooperation.

Following a final treaty, all remaining US and United Nations sanctions will be systematically dismantled based on an agreed-upon timetable.

In an unprecedented move, Washington and its regional allies will also formulate a comprehensive reconstruction and development plan for Iran’s economy within the next 60 days.

On the nuclear front, Tehran has formally agreed that it will neither produce nor acquire any weapons of mass destruction.

Until the final treaty is finalised, Iran will enforce a strict nuclear status quo, halting all further uranium enrichment activities and suspending the physical expansion of its nuclear facilities.

In a major diplomatic concession, the United States has agreed to allow Iran to dilute its existing stockpiles of highly enriched uranium directly on Iranian soil.

The exact mechanisms for managing these stockpiles and regulating future low-level enrichment will be hammer-locked during the upcoming 60 days of high-level talks.