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 $25 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.

Nuclear:

Tehran agrees that it will neither produce nor acquire nuclear weapons.

Pending a final agreement, Iran would maintain ​the current status of its nuclear programme, refraining from further ​uranium enrichment ⁠and expansion of nuclear facilities.

The United States agrees to allow Iran to dilute its stockpile of highly enriched uranium on Iranian soil under a future comprehensive ⁠agreement.

Iran’s ​nuclear programme, uranium enrichment activities and mechanisms ​for handling its stockpile of highly enriched uranium would be negotiated within 60 days of the memorandum ​and addressed in a final agreement.