US-Iran draft deal under negotiation: How it affects both countries?
What's the story
Iran and the United States are currently negotiating a draft memorandum of understanding (MoU). The proposed agreement would see the immediate reopening of the Strait of Hormuz for all commercial shipping. In exchange, Iran would reduce its enriched uranium stockpile within 60 days. The US has also agreed to lift oil sanctions and end its naval blockade on Iranian ports.
Agreement details
Draft MoU addresses multiple issues
A senior Iranian official revealed to Reuters that the draft MoU with the US addresses a wide range of issues. These include Tehran's nuclear activities and the reopening of the Strait of Hormuz. The agreement also includes US waivers on oil sanctions, with a final deal expected to be discussed within 60 days after both sides agree.
Financial concessions
US to waive oil sanctions, release frozen assets
The draft MoU also includes financial concessions from the US. It promises not to impose any new sanctions on Iran until a final deal is reached. The US would waive oil sanctions on Iran for a certain period, allowing Tehran to sell its oil and earn revenue. It also agrees to release $25 billion of Iran's frozen assets through direct cash transfers, regional cooperation, and financial credit lines.
Nuclear commitments
Tehran agrees to halt nuclear weapons production
On the nuclear front, Tehran has agreed not to produce or acquire nuclear weapons. It has also agreed to maintain the current state of its nuclear program until a final deal is reached. This includes not enriching uranium and not expanding its nuclear facilities. The US has agreed that Tehran will dilute its highly enriched uranium stockpile within Iran, with details of this process to be worked out in the next 60 days.