Iran says draft US deal includes asset release, nuclear limits

The final draft of the memorandum of understanding includes the immediate reopening of the Strait of Hormuz to all commercial vessels. (EPA Images pic)

DUBAI: A senior Iranian official told Reuters a final draft of the memorandum of understanding with the US covered a range of issues from Tehran’s nuclear work to reopening the Strait of Hormuz and US waivers on oil sanctions, with a final deal to be discussed in the 60 days following agreement by the two sides.

The Iranian official said the draft memorandum included the following:

Strait of Hormuz

Iran immediately reopens the Strait of Hormuz to all commercial vessels, while the US lifts its naval blockade on Iranian ports. The lifting of the US blockade would begin immediately after the memorandum is signed and be completed within 30 days.

Financial

The US agrees not to impose any new sanctions on Iran until a final deal is reached.

Following a final agreement, all US and UN sanctions on Iran would be lifted according to an agreed timetable.

The US will waive oil sanctions on Iran for a specified period, allowing Tehran to sell oil and receive revenue.

The US agrees to release US$25 billion of Iran’s frozen assets, including via direct cash transfers, cooperation among regional countries, and financial credit lines.

Washington, in coordination with its regional allies, would prepare a reconstruction and development plan for Iran, to be negotiated and agreed with Tehran within 60 days.

Nuclear

Tehran agrees that it will neither produce nor acquire nuclear weapons.

Pending a final agreement, Iran would maintain the current status of its nuclear programme, refraining from further uranium enrichment and expansion of nuclear facilities.

The US agrees to allow Iran to dilute its stockpile of highly enriched uranium on Iranian soil under a future comprehensive agreement.

Iran’s nuclear programme, 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.