The United States has agreed not to impose any new sanctions on Iran until a final agreement is reached, according to a senior Iranian official who spoke to Reuters.
According to the Reuters report, the draft MoU spans several key issues, including Iran's nuclear programme, sanctions relief, the release of frozen assets and maritime security in the Strait of Hormuz.
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A final agreement would be negotiated during a 60-day period following acceptance of the memorandum by both sides.
Under the draft, Iran would immediately reopen the Strait of Hormuz to commercial shipping, while the US would lift what Tehran describes as a naval blockade on Iranian ports.
The proposed memorandum of understanding (MoU) is designed to establish a framework for broader negotiations between Washington and Tehran covering sanctions relief, Iran's nuclear programme and regional security issues.
Adding to expectations of a breakthrough, Al Arabiya reported, citing sources, that U.S. and Iranian delegations are scheduled to hold a virtual meeting on Sunday to sign the agreement in the presence of mediating states Pakistan and Qatar.
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According to the report, the MoU will be formally signed during the online meeting, which is expected to be attended by US Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf.
Reuters earlier reported that the draft agreement includes US commitments to pause new sanctions on Iran, provide temporary waivers on oil sanctions and facilitate the release of $25 billion in frozen Iranian assets.
In return, Tehran would maintain the status quo in its nuclear programme and commit not to pursue nuclear weapons.
The Al Arabiya report further said that the Strait of Hormuz would be reopened to commercial shipping immediately after the signing of the agreement, with transit allowed without fees.
Besides, the restrictions on Iranian ports would be lifted following the signing.
A final and more comprehensive deal is expected to be negotiated during a 60-day period after the memorandum is agreed upon by both sides.
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