After months of fighting a war and continued strikes despite a ceasefire in place, the US and Iran may be getting close to signing an interim peace deal. According to Iranian Foreign Minister Abbas Araghchi, both sides have "never been closer" to an agreement, a sentiment US President Donald Trump has also echoed.
Geneva could be venue for the deal signing, which could happen as soon as Sunday. Vice President JD Vance and Iran's parliament speaker, Mohammad Baqer Qalibaf are reportedly set to attend.
However, both sides have a different version on the terms finalised as part of the deal. While the US said the deal would commence with destroying or removing Tehran’s highly enriched uranium, Iran laid emphasis on Lebanon, where Israel has been fighting the Iranian-allied militia Hezbollah. Follow live updates on Iran-US war here.
A look at the terms of the likely peace deal, as stated by the US and Iran:
No nuclear weapons: A US official told Reuters that under the deal, Iran would commit to neither developing or procuring nuclear weapons. Under the memorandum of understanding (MOU), Tehran's highly enriched uranium would be destroyed on site and then taken out of the country, the official said.
Deal signing in 2 phases: As Iran's Abbas Araghchi announced on Friday that both sides were inching closer to a deal, he said the framework would be played out in two phases - realisation of initial MOU, and negotiations for final agreement that may last 60 days. He also said that issues of uranium enrichment and removal of US's sanctions on Iran would be moved to the second phase, according to a Press TV report.
{{/usCountry}}Deal signing in 2 phases: As Iran's Abbas Araghchi announced on Friday that both sides were inching closer to a deal, he said the framework would be played out in two phases - realisation of initial MOU, and negotiations for final agreement that may last 60 days. He also said that issues of uranium enrichment and removal of US's sanctions on Iran would be moved to the second phase, according to a Press TV report.
{{/usCountry}}Strait of Hormuz reopening: Under the new deal, Iran would reopen the Strait of Hormuz to normal oil traffic, and the US naval blockade will be lifted. The US wants the chokepoint to resume operations without any tolls for ships. The waterway, responsible for the passage of 1/5th of the world's crude has been disrupted ever since the war began. According to Reuters, Iran has made only a few concessions on the control of the waterway in the draft proposal for the deal.
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Release of Iran's frozen assets: The US official also said that the agreement would permit the release of frozen Iranian assets, provided they comply with requirements, which would be to let go of the 900 pounds of highly enriched uranium it possesses. Iran, if it complies, will be relieved of economic pressures, including the unfreezing of its assets and sanctions relief, the official added.
‘We never forgot Lebanon’: Iran continues to see Lebanon is a key friction point in its negotiations with the US. Israel has been engaged in an offensive with the Iranian-backed Hezbollah in Lebanon and the Iran wants the strikes to stop. “We never forgot Lebanon,” Aragchi said on Friday, claiming that under the proposed deal framework, hostilities would end across all fronts, including Lebanon.
Despite a ceasefire in place since April, hostilities have continued. Even though both sides have said they are close to a deal, it remains uncertain when the agreement would be signed and if Iran and the US would hold up to their end of the bargain.