The United States and Iran have agreed to a 60-day negotiating period on sanctions relief, reconstruction, reopening of the Strait of Hormuz, and Iran’s nuclear program, according to corroborated reports from multiple sources. As part of a draft memorandum of understanding, Iran would immediately reopen the Strait of Hormuz to all commercial vessels, and the US would lift its naval blockade on Iranian ports. Iran has agreed to dilute its enriched uranium stockpile as part of the deal.

Discrepancies exist regarding the amount of frozen assets to be released: one source reports the US agrees to release $25 billion of Iran’s frozen assets, including via direct cash transfers, cooperation among regional countries, and financial credit lines, while another reports the US agrees to release $24 billion within a 60-day period.

Single-source reports include claims that the US agrees not to impose any new sanctions on Iran until a final deal is reached, that the US will waive oil sanctions on Iran for a specified period, and that Iran agrees it will neither produce nor acquire nuclear weapons. Additional single-source claims state Iran has agreed to discuss previously off-limits aspects of its nuclear program, that Iran has agreed to stop funding terrorist groups, that Iran’s nuclear material would be destroyed and removed, and that Iran’s nuclear program would be dismantled. The International Atomic Energy Agency is reported to be ready to help define concrete steps to implement the deal. Iran’s Foreign Minister Abbas Araghchi emphasized US responsibility for implementing the agreement, while Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan said the most important issue in upcoming nuclear talks is how Iran’s nuclear programme will be policed. A senior US official read out the text of the memorandum but stated the parties could still walk away until a binding deal is reached.