PANews reported on June 14th, citing Reuters, that a senior Iranian official stated that Tehran has agreed not to produce or acquire nuclear weapons, according to a draft memorandum reached with the United States. The draft memorandum also agrees to allow Tehran to dilute its highly enriched uranium stockpile within Iran, with specific mechanisms to be discussed within the next 60 days. Under the draft memorandum, the US will waive oil sanctions on Iran for a specified period, allowing Iran to sell oil and receive revenue. Iran will immediately reopen the Strait of Hormuz to all merchant ships, and the US will lift its maritime blockade. The US has agreed to release $25 billion in frozen Iranian assets through direct cash transfers, cooperation between regional countries, and financial credit lines.

Before a final agreement is reached, Iran agreed to maintain the status quo regarding its nuclear program, including refraining from uranium enrichment and expanding its nuclear facilities. The United States agreed not to impose any new sanctions on Iran until a final agreement is reached.