Araghchi: Islamabad memorandum ‘has never been closer’
Iranian Foreign Minister Abbas Araghchi announced on Friday that a possible memorandum of understanding (MoU), initially drafted and brokered by Pakistan between Tehran and Washington in Islamabad in April, “has never been closer.”
Stressing that the media should refrain from speculating about the contents of the agreement, Araghchi added, “In line with our responsible and transparent approach, all details will be shared with the public in due course.”
While various media outlets have published details of a potential 14-point draft that includes lifting the naval blockade on Iran, US President Donald Trump has announced he cancelled military strikes against Iran due to progress in negotiations.
Iran insisted on Friday on its right to enrich uranium and maintain control over the Strait of Hormuz under any deal with the United States, after President Donald Trump said a draft accord was ready.
US ally Israel has said that Trump had promised it that any agreement would see Iran stripped of its enriched nuclear material, but Tehran’s official IRNA news agency said this was not even on the table.
Iran and the United States have engaged in weeks of indirect negotiations seeking to bring to an end the war sparked by US-Israeli strikes on the Islamic Republic on February 28.
A ceasefire took effect in April, but sporadic episodes of violence have occurred, each time sparking new fears of a return to all-out war, despite Trump repeatedly stating a deal was within reach.
After inking an initial memorandum of understanding, IRNA said, Iran and the US would hold 60 days of talks and that, “Iran’s right to enrich uranium and the retention of enriched material... will be emphasized with a view to their inclusion in the final agreement.”
Beyond this, according to IRNA, Iran would insist on managing traffic through the Strait of Hormuz, the key maritime trade route carrying oil and gas from the Persian Gulf. Tehran has blockaded the international waterway since the outbreak of war with the US and Israel.
Control on Strait of Hormuz
Iran, which has only allowed a trickle of ships to pass through the strait, has insisted that vessels obtain permission from its armed forces before transiting.
“Iran makes no commitment in this text to cede the management of the strait or the restoration of conditions that existed prior to the American and Israeli military aggression,” IRNA said, confirming that, “The broad outlines of the current text” was being finalized.
Claiming that a draft deal had been “brought to the highest level of Iranian leadership and approved,” Trump cancelled on Thursday a threatened wave of bombings against targets in Iran, adding, “Time and place of the signing to be announced shortly.”
Trump said the finer points of the arrangement had been approved by the US and its allies in the region, including Israel.
On Friday, Iran’s Mehr news agency, quoting a source close to Iran’s negotiating team, published what it said was the text of a draft deal being finalized.
The draft, it said, would end the war on all fronts including Lebanon, see the release of $24 billion in Iran’s frozen assets, and set a 60-day period for negotiations on Tehran’s nuclear program.
It also includes the suspension of sanctions on the sale of Iran’s oil and petrochemical products, and the complete lifting of the US naval blockade on Iranian ports, in place since April 13.
However, the American president reacted to the reports by the Iranian media reports, claiming that Tehran’s stated version of the proposed US-Iran deal is not what was agreed to.
Iran’s description of the proposed agreement “bears no relation to the truth,” Trump said.
“They better get their act together, and fast!” Trump said in a statement on his Truth Social platform.
Reparations for war damage
Mehr said the draft says the US and its allies should pay Iran reparations for damage caused by the war and would “present reconstruction plans for Iran amounting to at least $300 billion”.
“Final negotiations will not begin before the release of half of Iran’s blocked funds, suspension of Iran’s oil sanctions, and lifting of the naval blockade,” the report added.
Citing a Western source, Reuterts reported that the memorandum between the US and Iran could be signed as soon as Sunday, with Geneva emerging as the likeliest venue.
The aim was to finalize the wording by Saturday so the agreement could be signed by US Vice President JD Vance and Iran’s Parliament Speaker Mohammed Baqer Qalibaf. No venue had been established but Geneva was emerging as the likeliest.