Iran would be allowed to start oil exports immediately under an interim deal with the U.S. and gain access to a $300 billion economic development program following negotiations for a permanent peace that’s meant to address Tehran’s nuclear activities, according to a draft of their agreement.
The two sides plan to formally sign the memorandum of understanding on Friday in Switzerland, formalizing an agreement reached earlier and clearing the way for 60 days of talks to end the war and put strict limits on Iran’s nuclear program.
The U.S. has begun circulating the text of the interim deal with allied nations at the Group of Seven summit in France, a person familiar with the matter said. Neither Washington nor Tehran has yet officially released the document.
Another person familiar with its contents, who asked not to be identified discussing private deliberations, said technical details were still being worked out, suggesting precise language may still change before the signing.
Still, the emerging contours of the deal — a copy of which was seen by Bloomberg News — offers a comprehensive picture 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. The U.S. Treasury Department will issue waivers for exports of Iranian crude oil and petrochemical products immediately after the memorandum is signed. The U.S. will also end its naval blockade of Iranian ports and the two countries will work to ensure that maritime traffic through Hormuz returns to its prewar level within 30 days.
A number of Iran-linked oil tankers have already begun shifting position. Four ships, two of which are supertankers capable of hauling two-million barrels of crude, switched on their transponders and appeared to be sailing out of the Strait of Hormuz or Gulf of Oman, according to vessel tracking data compiled by Bloomberg.
Brent crude fell below $78 a barrel to its lowest level in more than three months. Prices slumped 15% over the last four sessions in the longest losing run this year on bets the U.S.-Iran deal to reopen the Strait of Hormuz will unleash a wave of supply.
According to the draft document, the U.S. 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 U.S. undertakes that those funds “will be released and made fully available” without setting a timeline.
Asked for comment, a U.S. 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 acquiring a nuclear weapon, neutralizing its enriched material and allowing free navigation in the strait.
Iran will demand “full assurance regarding effective access” to frozen funds following the official signing of the interim deal, the semi-official Tasnim news agency cited Central Bank Governor Abdolnaser Hemmati as saying on Tuesday.
American obligations to release Iranian funds are “explicitly and actionably stated” in the agreement, according to Hemmati.
U.S. President Donald Trump had earlier denied that the U.S. would pay Iran $300 billion. The draft says only that the U.S. and its partners would ensure financing of that amount.
A key challenge in the talks ahead will be the war between Israel and Iran-backed militant group Hezbollah. 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 country’s war against Hezbollah across Israel’s northern border.
“It’s crucial that Israel stays in southern Lebanon for the time being, cleaning after the Hezbollah infrastructure,” Mark Regev, former Israeli Ambassador to the U.K., told Bloomberg.
Iran’s parliament speaker and chief negotiator Mohammad Bagher Ghalibaf said Israel “must withdraw from occupied territories” in Lebanon, according to the semi-official Mehr news agency.
Under the terms of the deal, the U.S. would also commit to ending its sanctions against Iran — but only as part of the final agreement to be negotiated over the next two months. The U.S. would also withdraw its military forces “from the surrounding areas” within 30 days of a final agreement.
U.S. officials have given conflicting accounts of when the text of the agreement will be released. Trump has said it will be published sometime after Friday’s signing ceremony, while a senior U.S. official said Monday it could be released within days. The ceremony is scheduled to take place at the Bürgenstock, a mountain resort overlooking Lake Lucerne, according to the Swiss foreign ministry. Vice President JD Vance is expected to head the American delegation, while Iran will likely be represented by Ghalibaf.
Speaking at the G7, Trump said the agreement was a “done deal” that will prevent Iran from developing nuclear weapons, adding that the U.S. would not pay war reparations or invest money in Iran. The president said Tehran’s leaders “have to prove themselves, I think, before any of us go in there.”
The latest deal presents political risks for Trump, who had claimed for years that a 2015 accord between President Barack Obama’s administration and Iran over its nuclear program amounted to a 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 U.S. 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.
“It’s much bigger than a mistake. These immediate concessions, particularly sanctions waivers right out of the gate, would essentially be a lifeline for the Iranian regime,” Mike Pence, who served as vice president during Trump’s first term, said on CNN. “I think it’s ill advised.”
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.
—With assistance from Arsalan Shahla and Thomas Hall.
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