U.S.-Iran draft outlines sanctions relief, $300 billion aid package, and 60-day deal window

A newly disclosed set of principles for a U.S.-Iran understanding, revealed Wednesday evening, sketches a far-reaching deal that would give Tehran major economic and diplomatic gains while Iran pledges only not to develop nuclear weapons. The agreement sets a 60-day period to draft a final arrangement.

Under the draft, the United States would lift the naval blockade and remove other restrictions or interference it has imposed on Iran, while also withdrawing its forces from the region. Iran would allow safe passage for commercial vessels, at no cost, for 60 days only, between the Persian Gulf and the Gulf of Oman in both directions.

Washington would also be required to produce a final, agreed economic reconstruction and development plan for Iran worth at least $300 billion. In addition, the U.S. would cancel all sanctions on Tehran, including those imposed by the UN Security Council, the International Atomic Energy Agency Board of Governors, and the American administration itself.

The U.S. would immediately issue waivers enabling Iranian crude oil and petroleum product exports, along with related services including banking transactions. For its part, Iran states that it will "not acquire or develop nuclear weapons." The sides also agreed to handle the accumulated enriched material through a jointly agreed mechanism that would lead to its dilution.