Iran is set to receive broad financial incentives as part of its agreement with the US, including the right to sell oil immediately, tap a $300 billion development fund and get eventual access to its frozen assets, according to a final draft of the deal.While the contours of the memorandum of understanding have been circulating for days, the latest document — a copy of which was seen by Bloomberg News — offers the most complete accounting yet of the economic boost Iran is set to receive for ending its chokehold on the Strait of Hormuz and reiterating its commitment never to seek a nuclear weapon.Also read: Iran war is a 'wake-up call' for Southeast Asia's energy sector, report says The two sides agreed to the deal on Sunday and are set to formally sign it on June 19 in Switzerland, paving the way for 60 days of talks aimed at ending their war for good and putting strict new limits on Iran’s nuclear program. Neither side has formally released the text but the US has begun circulating it with allied nations at the Group of Seven summit in France, a person familiar with the matter said.Another person familiar with its contents, who asked not to be identified discussing private deliberations, said technical details were still being worked out. That suggested precise language may still change before the signing.Under its terms, the US Treasury Department “will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives” immediately after the memorandum is signed. The US will lift its naval blockade and the two countries will work to ensure that traffic in the Strait of Hormuz returns to its pre-war level within 30 days.According to the draft document, the US and its regional partners would create a plan to rehabilitate Iran and allow for its economic development, with financing of at least $300 billion. It is vague on the release of Iran’s frozen assets, saying the US undertakes that those funds “will be released and made fully available” without setting a timeline.Asked for comment, a US official declined to discuss the specifics of the draft but said Iran can only get the benefits of the deal if it meets its commitments. Those include never getting a nuclear weapon, neutralizing its enriched material and allowing free navigation in the strait.Trump had earlier denied that the US would pay Iran $300 billion. The draft says only that the US and its partners would ensure financing of that amount.The latest deal presents political risks for Trump, who had claimed for years that a 2015 deal between President Barack Obama’s administration and Iran over its nuclear program amounted to massive financial giveaway to Tehran. Trump scrapped that agreement in 2018 and promised a better version.Now that Trump is looking to wind down the conflict the US and Israel launched on Feb. 28, his Republican allies in Congress and Iran hawks outside the administration have voiced concern that he’s preparing to give Iran too much financial reward without getting enough in return.“If this is true, Iran wins,” former US Ambassador to the UN Nikki Haley said on X of the prospect that Iran will get waivers to sell its oil. “There should be zero sanctions relief day one.”Also read: From Oman to Tanzania: How the Iran war is redrawing India’s trade mapUS officials have given conflicting accounts of when the text of the agreement might be formally released. President Donald Trump has said it will be published sometime after the signing ceremony on Friday, while another senior US official said Monday it would be released in a day or two.Other challenges also await: the draft version said the war will be ended “on all fronts, including in Lebanon.” That will require consent from Israeli Prime Minister Benjamin Netanyahu, who has so far refused to end his war against Hezbollah across Israel’s northern border.Under the terms of the deal, the US would also commit to ending its sanctions against Iran — but only as part of a final agreement to be negotiated over the next two months to end their war for good. The US would also withdraw its military forces “from the surrounding areas” within 30 days of the final agreement being signed.The person familiar with the matter said the US understanding was that the oil sales only applied to Iranian oil that’s already been loaded onto boats and not wider permission for Iran to restart oil sales.The agreement offers a mix of immediate and eventual financial incentives for Iran while committing it never to seek a nuclear weapon. The country has long insisted it doesn’t want the atomic bomb and had committed not to seek one as part of the Obama-era Joint Comprehensive Plan of Action.The draft seen by Bloomberg doesn’t directly address the state of Iran’s stockpile of enriched uranium. It says only that the fate of Iran’s enriched uranium “will be adequately addressed in a final agreement” along with all other nuclear issues.The latest draft doesn’t commit the US to hard deadlines for easing sanctions or establishing the fund. Even so, analysts who have pushed for strict limits on Iran reacted skeptically to the draft.The Trump administration has “managed to unite both supporters and critics against the a deal that it still hasn’t released,” Mark Dubowitz, the chief executive officer of the Foundation for Defense of Democracies, wrote on X. “So far, it doesn’t look promising.”