Iran to gain major financial relief under interim deal with U.S.

Iran to gain major financial relief under interim deal with U.S. By Daniel Flatley, Josh Wingrove and Donato Paolo Mancini. BLOOMBERG.

Iran is set to receive broad financial incentives as part of its agreement with the U.S., including the right to sell oil immediately, tap a $300 billion development fund and get eventual access to its frozen assets, according to a final draft of the deal.

The two sides agreed to the deal on Sunday and plan to formally sign it Friday in Switzerland. The ceremony is scheduled to take place at the Burgenstock, a mountain resort overlooking Lake Lucerne, according to the Swiss Foreign Ministry. Vice President JD Vance is expected to head the American delegation, while Iran will likely be represented by Parliament Speaker Mohammad Bagher Ghalibaf.

Trump had earlier denied that the U.S. would pay Iran $300 billion. The draft says only that the U.S. and its partners would ensure financing of that amount.

"If this is true, Iran wins," former U.S. Ambassador to the U.N. Nikki Haley said on X of the prospect that Iran will get waivers to sell its oil. "There should be zero sanctions relief day one."

Below is the text of the draft memorandum:

1. The Islamic Republic of Iran and the United States, together with their allies in the current war, declare upon the signing of this Memorandum of Understanding an immediate and permanent end to the war on all fronts, including Lebanon, and undertake that from now on they will not launch any hostile action against each other, and will refrain from the threat or use of force against each other. The final agreement will confirm the provisions of this Article and the remaining Articles.

6. The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, While ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days.

8. The Islamic Republic of Iran reiterates that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran's nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article.