Bloomberg has published the text of a draft memorandum of understanding between the United States and Iran, which is expected to be formally signed in Switzerland this coming Friday. The document envisages the cessation of hostilities on all fronts and the parties’ commitment to conclude a final agreement within 60 days with the possibility of an extension, while Tehran would retain its current nuclear program. The publication of the document comes amid questions about whether the draft contains significant concessions in favor of Iran.
It is not yet clear whether the text published by Bloomberg is the same version that was approved via electronic signature on Monday, which U.S. President Donald Trump said, adding uncertainty about the final version. The leaked document intensifies political debates and pressure within the United States over the contents of the framework agreement and how well it serves American interests. The parties are awaiting the formal signing to learn the binding provisions precisely.
President Trump said he would release the text of the memorandum “within two days” and even suggested reading it on camera, and he also said he would send the document to Congress for review. His statements about transparency are aimed at calming domestic criticism and involving Congress in assessing the provisions. Nevertheless, political reactions remain mixed, and lawmakers’ demands for amendments or additional conditions may increase.
Key points include a declaration by Tehran and Washington, together with their allies, of an immediate and final cessation of military operations and a pledge not to carry out any hostile actions or threats. The parties commit to reach a final agreement within 60 days with the option to extend, and the U.S. agrees to lift the maritime blockade immediately after signing and withdraw its troops within 30 days from the date of the final deal. Iran, in turn, undertakes to resume the movement of ships within 30 days and remove obstacles to navigation.
In the economic sphere, Washington pledges to cooperate with regional partners to restore and develop Iran’s economy, as well as to lift sanctions on an agreed schedule as part of the final agreement. The draft also provides for exempting Iranian oil and related banking services from sanctions, as well as unblocking frozen Iranian funds and assets. These provisions are intended to create economic incentives for Tehran to fulfill the conditions of the final deal and ensure the implementation of the obligations undertaken.
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Why was Switzerland chosen as the place to sign the memorandum between the US and Iran, and what role does it play in diplomatic relations between these countries? - Since 1980 Switzerland has officially represented U.S. interests in Iran (as the “protecting power”), because diplomatic relations between the two countries were severed. Its neutral status allows it to act as an intermediary in signing such agreements. In addition, Swiss banks have traditionally been used for secure financial transactions between the parties.
Which Iranian funds and assets are frozen abroad, and where are they located? - These are mainly Iran’s oil export revenues that are stuck in accounts at banks in China, South Korea, Japan and Iraq. These funds (estimates range from $6 to $7 billion) were blocked due to U.S. sanctions prohibiting transfers to Tehran. Some assets are also frozen in European banks.
How did the U.S. maritime blockade against Iran affect the Iranian economy and trade before this agreement was signed? - By “maritime blockade” is meant an intensive regime of sanctions whereby the U.S. intercepted Iranian oil tankers on the high seas, blocking oil exports. This reduced Iran’s oil export revenues by 80–90% (since 2018), caused a sharp rise in inflation and shortages of goods, including medicines. The blockade also paralyzed maritime trade, forcing Iranian merchants to use complex sanction-evading schemes.
Full version: تسريبات لنص مذكرة التفاهم بين واشنطن وطهران وسط ضغوط على ترمب