The United States and Iran are close to agreeing on a memorandum of understanding to end the conflict in West Asia, according to two US officials and two other sources familiar with the matter.
Iran too stated on Wednesday that it was reviewing a new US proposal, with its foreign ministry spokesperson confirming the development, the country's ISNA reported.
While no concrete points of agreement have emerged, sources cited by Axios said this was the closest both parties have been to a deal since the war began.
The US and Israel began attacks on Iran on February 28, after which Tehran launched retaliatory strikes on other West Asian countries. A fragile ceasefire was agreed upon on April 8, which was extended by US President Donald Trump.
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What is inside the one-page memo?
The deal that both the US and Iran are looking at would involve Tehran agreeing to a temporary halt or a moratorium on its nuclear enrichment. On the other hand, America would agree to lifting its sanctions on Iran and releasing billions in frozen Iranian funds, according to Axios.
{{/usCountry}}The deal that both the US and Iran are looking at would involve Tehran agreeing to a temporary halt or a moratorium on its nuclear enrichment. On the other hand, America would agree to lifting its sanctions on Iran and releasing billions in frozen Iranian funds, according to Axios.
{{/usCountry}}Both sides will also lift the blockade and restrictions on transit through the Strait of Hormuz, shipping through which has effectively been halted. The waterway is crucial for global energy, with almost one-fifth of the world's supplies relying on Hormuz for passage.
However, many of the terms which are mentioned in the 14-point memo will be dependent on a final agreement being reached upon at a later stage, without which the possibility of renewed fighting or tensions escalating would remain. Further, the US is still expecting Iranian responses on several key points in the memo in the next 48 hours, Axios reported.
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What are the points under discussion?
The memorandum of understanding is being negotiated by Trump's envoys Steve Witkoff and Jared Kushner, along with other Iranian officials, both directly and through mediators.
The memo in its current form would immediately end hostilities in the Middle East, following which a 30-day time period would be given for negotiations to reach a final agreement on opening Hormuz, limiting Iran's nuclear program and lifting US sanctions.
One of the things under active negotiation currently is the duration of the moratorium which will be imposed on Iran's uranium enrichment. According to the Axios report, three officials said it would be at least 12 years, while another said it would be 15 years. While Iran had proposed a five-year moratorium on enrichment, America had demanded 20.
In connection with this, the US has also asked for a provision as part of the memo, which would state that any violation of the moratorium would prolong it further, the source said. After this duration ends, Iran would be able to enrich uranium at a low level of 3.67%.
In the MoU, Iran would also commit to never seeking nuclear weapons or carrying out related activities, and agree to snap inspections by United Nations officials, a US official said, according to Axios.
Scepticism on agreement remains
While seeming to be on the verge of agreement, both sides are still far from reaching a concrete deal. The White House believes that there are divisions in the leadership in Iran, with it being hard to forge a consensus among different factions, Axios reported. Some US officials doubt that even an initial deal to end the conflict will be reached.
Meanwhile, an Iranian MP has responded to the points of the deal as reported by Axios, calling it “more an American wish list than reality.” “Americans will not obtain through a failed war what they failed to gain in face-to-face negotiations,” Iranian MP Ebrahim Rezaei said.