The United States and Iran are expected to formally put their signatures to a wide-ranging memorandum of understanding on Friday in Switzerland, a document that lays the groundwork for ending their war for good while opening 60 days of negotiations over Tehran's nuclear programme.
A draft of the 14-point text, as claimed to be accessed by multiple news outlets, reveals just how much Iran has managed to extract in return for nuclear restraint.
War Declared Over, Including In Lebanon
The opening clause of the memorandum is unambiguous: both nations, along with their respective wartime allies, declare an immediate and permanent end to hostilities on every front, Lebanon included, and pledge not to threaten or use force against each other going forward, Bloomberg reported.
Shipping Routes And The Naval Blockade
For Tehran's battered economy, the maritime provisions matter most.
The US is obligated to lift its naval blockade the moment the ink dries and bring shipping traffic back to full pre-war levels within a month.
Iran, in turn, must clear mines and remove technical hurdles so merchant vessels can move freely between the Persian Gulf and the Sea of Oman again, also within 30 days.
A $300 Billion Lifeline
Perhaps the single biggest prize for Iran is economic.
Washington and its regional partners are to draft a joint rehabilitation plan for the Iranian economy, with reportedly financing guaranteed at a minimum of $300 billion. The mechanics of disbursing this money are to be hammered out within 60 days.
Sanctions Rolled Back, Frozen Funds Unlocked
The draft commits the US to dismantling sanctions across the board — UN Security Council resolutions, IAEA measures, and Washington's own primary and secondary sanctions alike — on a timeline still to be agreed, reports said.
Even before that happens, the Treasury Department is bound to start issuing waivers for Iranian oil and petrochemical exports, along with the banking and insurance services needed to move that trade. Iran's frozen overseas assets are also set to be released and handed over to its central bank as talks progress.
ALSO READ: Peace Deal Hangs On Lebanon? Iran Seeks Israeli Withdrawal, Netanyahu Vows To Stay
What Iran Gives Up
In exchange, Tehran reaffirms it will never build a nuclear weapon, with both sides agreeing to freeze the current state of play until a final deal is struck — Iran holds its nuclear programme where it stands, and the US neither adds sanctions nor builds up its military presence in the region in the meantime.
The Road To Friday
Switzerland's Foreign Ministry has fixed the venue and date: Burgenstock, in the canton of Nidwalden, this Friday.
ALSO READ: Iran Threatens 'Crushing Response' To Any Violation Of Peace Deal: 'US Must Prove Its Commitment'
US President Trump has already called the agreement "complete," ordering an end to the naval blockade and a toll-free reopening of the Strait of Hormuz, while Iran's Supreme National Security Council has confirmed that fighting on every front, including Lebanon, will stop "immediately and permanently."
Whether Trump himself shows up to sign on Friday, though, remains an open question — he has said he might skip the ceremony altogether.
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