Bloomberg reports details of leaked draft US-Iran memorandum

Bloomberg has published what it says are leaked details of a memorandum of understanding between Washington and Tehran that would formally end hostilities and establish a framework for a broader agreement.

According to the reported text, the United States, Iran and their allies would announce an immediate end to the war, pledge to refrain from hostile actions and seek to negotiate a final agreement within 60 days, with the possibility of an extension.

The reported memorandum also calls for the immediate lifting of the US naval blockade on Iran, the phased withdrawal of US forces within 30 days of a final agreement and a timetable for ending sanctions.

Under the reported terms, Washington would exempt Iranian oil and related banking services from sanctions and release frozen Iranian assets, while Iran would reaffirm that it will never produce nuclear weapons.

The two sides would maintain the status quo during negotiations and later address the future of enriched nuclear material and other outstanding issues in a final agreement.