Iran says a draft memorandum with Washington covers reopening the Strait of Hormuz, easing oil sanctions, releasing frozen assets and limiting nuclear activities, with detailed negotiations on a final agreement expected within 60 days.

A draft memorandum of understanding between Iran and the United States includes provisions on Tehran’s nuclear programme, reopening the Strait of Hormuz, sanctions relief and the release of frozen Iranian assets, a senior Iranian official told Reuters.

According to the official, the proposed framework would serve as the basis for further negotiations, with discussions on a comprehensive final agreement expected to take place over the 60 days after both sides approve the memorandum.

STORY CONTINUES BELOW THIS ADHormuz reopening, sanctions relief among key provisions

Under the draft, Iran would immediately restore access to the Strait of Hormuz for commercial shipping, while Washington would begin lifting its naval blockade on Iranian ports once the memorandum is signed. The process to fully end the blockade would be completed within 30 days, the official said.

The financial provisions outlined by Tehran include a US commitment to avoid imposing additional sanctions on Iran until a final agreement is reached.

Once a broader deal is concluded, all US and United Nations sanctions would be removed according to an agreed timeline, the official said. The draft also includes a temporary waiver of US oil sanctions, allowing Iran to resume oil exports and access related revenues.

The proposed arrangement would also involve the release of $25 billion in frozen Iranian assets through mechanisms including direct transfers, regional financial cooperation and credit arrangements.

The official added that Washington, along with regional partners, would develop a reconstruction and development plan for Iran, with negotiations on the initiative expected within 60 days.

Nuclear commitments remain central to agreement

On the nuclear front, Iran would commit not to develop or obtain nuclear weapons under the proposed framework.

Until a final agreement is reached, Tehran would maintain the current status of its nuclear activities, including halting further uranium enrichment and avoiding expansion of nuclear facilities, the official said.

The draft reportedly allows Iran to dilute its stockpile of highly enriched uranium inside the country under a future comprehensive agreement, rather than requiring immediate removal of the material.

The two sides would negotiate the future structure of Iran’s nuclear programme, enrichment activities and arrangements for managing the highly enriched uranium stockpile during talks following the memorandum, with these issues to be incorporated into a final settlement.

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With inputs from agencies

First Published:
June 14, 2026, 17:57 IST

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