A senior Iranian official told Reuters that under a final draft memorandum of understanding with the US, Tehran agrees that it will neither produce nor acquire nuclear weapons.
This comes shortly after Qatari mediators flew to Tehran this morning to help facilitate a deal.
The official said that the US has agreed in the draft memorandum for Tehran to dilute its highly enriched uranium stockpile inside Iran. The mechanism for this will be discussed over the next 60 days.
Until a final deal is reached, Iran has agreed not to maintain the nuclear status quo, including no uranium enrichment or expanding nuclear facilities.
Additionally, the US is set to waive all oil sanctions on Iran for a specified period and will release $25 billion of Iran’s frozen assets, including through direct cash transfers.
The draft also calls for the US to lift its blockade on Iran’s ports and for Iran to reopen the Strait of Hormuz.
This is a developing story.