'Nonaggression Pact, Strait of Hormuz, $300 Billion Investment Fund': Inside US-Iran Proposed Memorandum

Washington: Mediators working between the United States and Iran are moving closer to securing a preliminary framework agreement that could eventually help bring an end to the ongoing conflict, according to officials familiar with the negotiations.

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Efforts to finalise the agreement have faced repeated setbacks in recent weeks as both sides accused each other of delaying talks and misrepresenting draft terms.

However, diplomats and officials involved in the discussions now say a revised memorandum appears closer to gaining approval from both Washington and Tehran, though disagreements remain over key provisions. President Donald Trump has not yet signed off on the proposal, according to a report by the New York Times.

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The draft would serve as an initial framework for broader negotiations expected to focus on Iran’s nuclear program, US sanctions, regional tensions, and a formal conclusion to the war.

Nonaggression pact

The proposal includes terms for a nonaggression pact between Washington and Tehran. Mediators also expect the agreement to contain a regional component that would include a halt to fighting in Lebanon, NYT reported citing diplomats familiar with the negotiations.

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Although a cease-fire remains officially in Lebanon, violations have continued, while Israel has intensified military operations against the Iran-backed militant group Hezbollah.

Because talks have been conducted indirectly through Pakistani and Qatari mediators, uncertainty remains over whether both sides are operating from the same version of the memorandum and who within Iran has authority to formally approve the agreement.

Strait of Hormuz

The future of the key shipping route, the Strait of Hormuz, remains one of the most difficult issues in negotiations.

Under the U.S. understanding of the draft agreement, the strait would reopen immediately, while the American blockade would be reduced gradually depending on how quickly shipping traffic returns to prewar levels.

Diplomats said the arrangement is designed to encourage Iran to quickly clear mines and restore maritime traffic.

An Iranian official said the proposal would lift the US naval blockade "within 30 days" and keep the strait open throughout negotiations. American officials, however, have not agreed to a timeline.

Iranian negotiators also continue to insist that Iran and Oman should have the authority to decide whether vessels using the strait would eventually face service fees.

President Trump recently reiterated that the international waterway should remain permanently open without tolls or fees.

International investment fund for Iran

One of the newest additions to the proposed agreement is the creation of a large international investment fund for Iran.

An Iranian official and one diplomat involved in the talks said the proposed fund could total roughly $300 billion, although other officials familiar with the negotiations declined to confirm the figure, according to the NYT report.

The idea reportedly builds on earlier talks associated with Steve Witkoff, President Trump’s Middle East envoy, and Jared Kushner, the president’s son-in-law, both of whom are real estate investors. Mediators said both men discussed the possibility of future real estate developments in Tehran and broader investment initiatives if relations improve.

Iranian officials also proposed allowing American companies, including major oil and energy firms, to participate in investment projects and joint ventures in Iran.

Nuclear talks to be postponed

The draft framework would postpone final decisions regarding Iran’s enriched uranium stockpile until a later stage of negotiations.

Future talks would focus on how to dispose of approximately 970 pounds of uranium that could quickly be enriched to weapons-grade material, along with additional lower-enriched nuclear material.

President Trump initially argued the stockpiles should be transferred to the United States. Iran instead proposed diluting part of the material under international supervision while transferring the remainder to another country.

Trump later suggested he could accept dilution under international oversight or shipment to a third country, although he said he would oppose Russia or China receiving the uranium.

According to Iranian officials, Tehran would temporarily suspend its nuclear program in exchange for a US commitment not to impose additional sanctions during negotiations.

Existing US sanctions would gradually be lifted if a final agreement is reached, Iranian officials said.

Frozen Iranian assets could be released

The proposed framework also includes provisions that could eventually allow Iran access to billions of dollars in frozen overseas assets.

Iran is estimated to have roughly $24 billion frozen in foreign banks and has argued that meaningful negotiations cannot proceed without at least partial access to those funds.

Trump does not want any arrangement that could be portrayed as direct US cash payments to Iran, NYT reported citing officials familiar with the negotiations.

As a result, negotiators have explored alternatives involving third countries, including Qatar, releasing Iranian funds instead.

The draft proposal envisions a gradual release of frozen assets. Iran has reportedly requested access to as much as $20 billion currently held in the Middle East, according to the report.

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