DUBAI — 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 ports. The lifting of the US blockade would begin immediately after the memorandum is signed and be completed within 30 days.

Financial:

The US agrees not to impose any new sanctions ‌on Iran until a final deal is reached.

Following a final ⁠agreement, all US and UN sanctions on ⁠Iran would be lifted according to an ⁠agreed timetable.

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 US$25 billion (RM101 billion) of ⁠Iran’s frozen assets, including via direct cash transfers, cooperation among regional countries, and financial credit lines.

Washington, in coordination with its regional allies, would prepare a reconstruction and development plan for Iran, to be negotiated and agreed with Tehran within 60 days.