Iran has revealed that a proposed memorandum of understanding with the United States includes a waiver of oil sanctions, limits on Iran’s nuclear programme, and the release of billions of dollars in frozen Iranian assets.
A senior Iranian source told Reuters on Friday that the draft deal would waive sanctions on Iran’s oil exports, unfreeze billions of dollars of its funds, and impose restrictions on Iran’s nuclear programme. The agreement also includes a commitment from Iran to never develop nuclear weapons.
According to the source, the United States would lift its blockade on Iranian ports and issue targeted sanctions waivers to facilitate unrestricted Iranian oil sales during the negotiation period. The US proposal includes a temporary waiver of oil sanctions effective until a final agreement is reached, rather than Iran’s demand for permanent lifting of all sanctions.
The draft MOU stipulates that Iran would commit to never developing nuclear weapons and engage in talks regarding the suspension of its uranium enrichment activities and the reduction of its stockpile of highly enriched uranium. Tehran has agreed to surrender its stockpile of highly enriched uranium as part of the potential agreement.
The US would be open to negotiating the lifting of broader sanctions and the unfreezing of Iranian assets during the 60-day negotiation window, although these actions would only take effect as part of a final, verifiable agreement. The process for sanctions relief and the release of billions in frozen Iranian assets would be discussed during this 60-day timeframe.
The draft agreement encompasses a 60-day ceasefire extension, with the possibility of extension by mutual agreement. Under this framework, the Strait of Hormuz would reopen, be free of transit tolls, and Iran would agree to clear naval mines deployed across the waterway to ensure unhindered maritime transit.
Iran’s Foreign Ministry spokesman Esmail Baghaei confirmed that progress was made but disputed President Trump’s assertion that a deal would be announced soon. “We have reached conclusions on a large portion of the issues, but no one can claim that the signing of an agreement is imminent,” he told Iranian state media.
Baghaei said the focus of negotiations is on ending the war, and at this stage, they are not discussing the details of the nuclear issue. Iran has indicated that discussions about its missile programme are off the table, as well as its support for proxy groups including Hezbollah and Hamas. Tehran says it could reopen the Strait of Hormuz within 30 days.
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