A senior Iranian official has told Reuters that a final draft of the memorandum of understanding with the US covers 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 will immediately reopen the Strait of Hormuz to all commercial vessels, while the US will lift its naval blockade on Iranian ports

Financial: The US will agree not to impose any new sanctions on Iran until a final deal is reached. The US will also waive oil sanctions on Iran for a specified period, allowing Tehran to sell oil and receive revenue.

The US has also agreed to release $25 billion of Iran’s frozen assets, including via direct cash transfers, cooperation among regional countries, and financial credit lines.

Nuclear: Tehran has agreed that it will neither produce nor acquire nuclear weapons. 

Tehran has also agreed to maintain the nuclear status quo until a final deal is reached, including by not enriching uranium and not expanding nuclear facilities. The US has agreed that Tehran will dilute its highly enriched uranium stockpile inside Iran, with a mechanism for doing so to be discussed within 60 days.