The US will have to waive oil sanctions on Iran for a specified period, allowing Tehran to sell oil and receive revenue.
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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 portsFINANCIAL: * The US agrees not to impose any new sanctions on Iran until a final deal is reached* 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 $25 billion of Iran’s frozen assets, including via direct cash transfers, cooperation among regional countries, and financial credit linesNUCLEAR: * Tehran agrees that it will neither produce nor acquire nuclear weapons* Tehran agrees to maintain the nuclear status quo until a final deal is reached, including by not enriching uranium and not expanding nuclear facilities* The US agrees Tehran will dilute its highly enriched uranium stockpile inside Iran, with a mechanism for doing so to be discussed within 60 daysPublished on June 14, 2026
