The draft suggests that Washington has made concessions well beyond market expectations on several critical issues, including oil exports, maritime restrictions, frozen assets, and post-war reconstruction. Former US Ambassador to the United Nations Nikki Haley reacted by saying, "If this is true, Iran won."

Below are the key provisions.

1. Ceasefire and Sovereignty: The Foundation of the Agreement

Article 1 establishes the framework for ending hostilities.

Iran, the United States, and their respective allies involved in the current conflict would immediately and permanently cease military operations on all fronts, including Lebanon, upon signing the memorandum. The parties would also commit to refraining from future threats or use of force against one another.

The explicit inclusion of Lebanon is particularly noteworthy, as it implies a US commitment to encourage Israel to halt military operations on that front as well. However, Israeli Prime Minister Benjamin Netanyahu has not publicly endorsed ending military action against Hezbollah, raising questions about implementation.

Article 2 addresses sovereignty and non-interference. Both countries commit to respecting each other's sovereignty, territorial integrity, and domestic affairs. The Iranian version reportedly places greater emphasis on US commitments not to interfere in Iran's internal affairs, a provision viewed by Tehran as a diplomatic achievement.

2. Oil Exports: Immediate Relief Without a Transition Period

Article 10 is among the most closely watched provisions.

The United States would grant immediate waivers for Iranian crude oil, petrochemical products, and related exports, including banking, shipping, and insurance services. According to Bloomberg's version, the US Treasury would issue export waivers as soon as the memorandum is signed.

The key word is immediate.

Iran would not need to wait for the completion of the 60-day negotiations toward a final agreement before resuming oil exports. Market participants had largely expected a phased approach, but the draft indicates no transition period.

As a result, Iranian oil could return to global markets significantly faster than previously anticipated.

3. Maritime Restrictions and the Strait of Hormuz

Articles 4 and 5 establish a framework for restoring maritime traffic.

Under Article 4, the United States would immediately lift maritime restrictions against Iran and restore Iran's shipping capacity within 30 days.

Article 5 requires Iran to take immediate steps to restore commercial shipping routes between the Persian Gulf and the Gulf of Oman to pre-conflict levels within the same 30-day period, including mine-clearing and the removal of technical obstacles.

The arrangement creates reciprocal obligations: Washington lifts restrictions while Tehran restores safe navigation.

4. A $300 Billion Reconstruction Fund

Article 6 addresses post-conflict reconstruction.

The United States, working with regional partners, would develop a comprehensive recovery and development plan for Iran and ensure at least $300 billion in financing support.

Importantly, the draft refers to financing rather than direct payments. Funding could potentially come through loans, investments, or international institutions rather than direct US government transfers.

Nevertheless, the inclusion of a figure as large as $300 billion represents a significant commitment and provides Iran with a substantial economic recovery framework.

5. Sanctions Relief Tied to a Final Agreement

Article 7 commits the United States to ending all major sanctions against Iran within a timetable to be agreed upon in a final agreement.

These would include:

• UN Security Council-related sanctions
• Measures linked to International Atomic Energy Agency resolutions
• Primary and secondary US sanctions

However, sanctions relief would not take effect immediately upon signing the memorandum. Instead, it would depend on the successful conclusion of negotiations over the following 60 days.

6. Nuclear Program: No Major New Iranian Concessions

Article 8 focuses on nuclear issues.

Iran reaffirms that it will not develop nuclear weapons and agrees to negotiate the future disposition of enriched uranium and other nuclear-related matters in a final agreement.

Notably, the draft does not require Iran to dismantle existing nuclear facilities or immediately reduce enriched uranium stockpiles. Those issues are deferred to subsequent negotiations.

Article 9 further establishes a "status quo" approach during the negotiation period. Iran would maintain its current nuclear program while the United States would refrain from imposing new sanctions or expanding its regional military presence.

7. Frozen Assets: The Biggest Disagreement Between Versions

Article 11 contains the largest discrepancy between the Bloomberg and Iranian media versions.

Bloomberg's draft states only that frozen Iranian funds and assets would gradually become available as negotiations progress, without specifying amounts or timelines.

Iran's Mehr News Agency version, however, states that $24 billion in frozen assets would be released during the 60-day negotiation period, with $12 billion made available before negotiations begin.

The difference highlights a key dispute: Washington appears to favor linking asset releases to implementation milestones, while Tehran wants upfront access to funds.

8. Conditions for Final Negotiations

Article 13 addresses when talks on a final agreement can formally begin.

Bloomberg's version states that negotiations will proceed once Iran receives assurances that Articles 4, 5, 10, and 11 are being implemented.

Iran's version takes a stronger stance, insisting that negotiations should not begin until sanctions waivers, maritime relief measures, and asset releases have already been carried out.

In essence, Bloomberg's draft requires promises, while Tehran's version demands tangible action.

9. US Military Withdrawal Timeline

A notable addition in Bloomberg's version is a specific timeline for US troop withdrawals.

The draft states that the United States would withdraw military forces from surrounding areas within 30 days after a final agreement is reached.

The Iranian version reportedly mentions withdrawal commitments but does not specify a timetable.

10. Enforcement Mechanisms and UN Backing

Article 12 establishes a joint implementation mechanism to oversee compliance with the final agreement.

Article 14 provides that the final agreement would be endorsed through a legally binding United Nations Security Council resolution, giving the arrangement an international legal foundation rather than relying solely on bilateral political commitments.

Key Differences Between the Bloomberg and Iranian Versions

Four major discrepancies stand out:

1. Frozen Assets
   • Bloomberg: No amount or timeline specified.
   • Iranian version: $24 billion released, with half available before talks begin.
2. Conditions for Final Talks
   • Bloomberg: Assurances are sufficient.
   • Iranian version: Concrete implementation is required first.
3. Missile Program and Regional Proxy Groups
   • Bloomberg: No reference.
   • Iranian version: Explicitly excludes Iran's missile program and support for regional resistance groups from future negotiations.
4. US Troop Withdrawal
   • Bloomberg: Withdrawal within 30 days of a final agreement.
   • Iranian version: No specific timetable.

Market Implications

The most important signal from the draft is that the United States appears willing to offer early concessions on three critical issues—oil exports, maritime restrictions, and access to frozen assets—before a final agreement is reached.

Because many of these measures would take effect immediately or within 30 days, while the comprehensive agreement would not be finalized for another 60 days, Iran could enter the next phase of negotiations with significantly stronger leverage.