After optimism surged in recent hours over the possibility of a breakthrough agreement between the United States and Iran, two sharply conflicting versions of the anticipated memorandum of understanding have emerged.
Responding to Iranian leaks regarding the proposed agreement, US President Donald Trump said the terms circulated by Tehran in the media were false and bore no resemblance to the conditions agreed upon in writing.
“What the Iranians have said, including their weak and pathetic statement about reaching an agreement, has nothing to do with reality,” Trump said, adding that Tehran would be wise to “get its affairs in order quickly.”
Axios later reported that Trump claimed Iran had privately apologised for releasing inaccurate information about the deal. Despite the dispute, he said he still believes an agreement could be signed over the weekend or on Monday.
Trump’s remarks come amid growing expectations of a preliminary agreement aimed at ending the conflict between Washington and Tehran. However, optimism remains tempered by conflicting public statements from both sides regarding the deal’s conditions and scope.
Final Steps Towards an Agreement
Pakistan’s Prime Minister Shehbaz Sharif announced that negotiators had reached a final agreed text for a peace arrangement between the United States and Iran.
In a post on X, Sharif said Pakistan was working closely with both governments to finalise the next steps required to implement the peace framework.
Meanwhile, Iranian Foreign Minister Abbas Araghchi stated that the memorandum currently consists of 14 articles, though additional provisions may still be added.
According to Araghchi, the process will unfold in two stages. The first involves signing a memorandum of understanding with Washington, followed by negotiations aimed at reaching a comprehensive final agreement.
He explained that issues related to Iran’s nuclear programme and sanctions have been postponed to the second phase, which would involve a 60-day negotiating period focused on disputed matters.
Araghchi added that the memorandum would formally declare an end to hostilities across all fronts, including Lebanon. He warned that if the other side fails to fulfil its commitments during the 60-day period, negotiations on remaining issues would not proceed.
He further stated that the memorandum would include mutual commitments to refrain from using force and to respect national sovereignty. According to Araghchi, the agreement also addresses sanctions, the Strait of Hormuz, frozen assets and nuclear-related issues.
Regarding the Strait of Hormuz, he stressed that the waterway falls under the sovereignty of Iran and Oman, noting that Tehran is determined to ensure its future administration differs from previous arrangements.
Araghchi described Israel as an opponent of any potential agreement between Iran and the United States.
At the same time, he declined to confirm media reports regarding the contents of the memorandum, stating: “We do not confirm the speculation circulating in the media.”
On Lebanon, he said the issue would be explicitly addressed in the memorandum and insisted that Iran would never abandon Hezbollah.
He also claimed that ending the conflict would require the withdrawal of Israeli forces from occupied Lebanese territory, saying: “We have made that position clear.”
Araghchi argued that threats and escalation could jeopardise efforts to reach an agreement.
Two Competing Drafts
Leaked information surrounding the proposed deal presents what observers describe as a “hybrid diplomatic landscape”, combining rapid logistical preparations with deep political disagreements over the final framework.
The American Version
The American draft reportedly focuses first on reopening the Strait of Hormuz and ending restrictions affecting maritime navigation.
Washington views the reopening of Hormuz as a preliminary step that would be followed by broader negotiations focused on Iran’s nuclear programme, which US Secretary of State Marco Rubio has indicated will require more time.
From the American perspective, the proposed agreement includes an Iranian commitment not to pursue nuclear weapons. One option under discussion would allow Iran to reduce uranium enrichment levels domestically under international supervision.
According to Axios, any practical implementation of nuclear-related measures would be postponed until a later agreement is reached.
The proposal would restore shipping through the Strait of Hormuz to pre-war levels within 30 days in exchange for a gradual easing of US restrictions, including temporary waivers allowing Iranian oil exports for 60 days.
Reuters quoted a senior US administration official as saying the agreement would require the reopening of Hormuz and an end to Iranian funding of what Washington describes as terrorist groups.
The official added that Iran would receive no financial benefits until it had implemented the agreement and insisted that the country’s nuclear programme would ultimately be dismantled.
American sources have said that sanctions relief would depend on Iran’s compliance with the initial agreement and its demonstration of “good faith” during subsequent negotiations.
Washington has not set a timetable for lifting sanctions, instead linking relief directly to Iran’s fulfilment of its obligations.
The issue of frozen Iranian assets remains unresolved, with Tehran seeking immediate access to some funds while Washington favours a phased release tied to compliance.
Sources also indicated that the United States, Iran and Qatar recently discussed mechanisms that would allow Tehran limited access to frozen funds held in Qatar for humanitarian purchases.
US Officials Warn Against Misinformation
US Vice President JD Vance said there has been significant misinformation surrounding reports of a deal involving the reopening of Hormuz and the dismantling of Iran’s nuclear weapons programme.
He stressed that Iran would not receive money or gain access to frozen assets simply by signing an agreement or attending negotiations.
Vance said the framework had been designed to prioritise the security concerns of the United States and its allies.
“Economic benefits will flow to Iran and the wider region if Tehran fulfils its obligations,” he said, arguing that the agreement has the potential to reshape the region and pave the way for lasting peace.
He added that Trump would secure a favourable outcome “one way or another”, an apparent reference to the possibility of military action should diplomacy fail.
Iran’s Leaked Version
Earlier on Friday, Iran’s state news agency IRNA reported that the memorandum would address only broad principles and would not include any agreement on the nuclear file.
According to the report, Tehran would not undertake any new commitments under the initial memorandum.
IRNA stated that nuclear negotiations would take place during a 60-day period following the signing and that Iran would not surrender control over the administration of the Strait of Hormuz.
Instead, the future management of the waterway would be determined through a regional framework involving joint decision-making between Iran and Oman.
The agency claimed that the primary goal of the memorandum is ending conflict across all regional fronts, including securing a US commitment to compel Israel to end military operations in Lebanon.
It also reported that the text does not contain any reference to extending the existing ceasefire.
According to the leaked information, part of Iran’s frozen assets would be released immediately upon signing, with the remainder gradually released throughout negotiations.
The report further claimed that Tehran had received clear guarantees through mechanisms it requested and that discussions on lifting all US sanctions and international restrictions would take place during the 60-day negotiating period.
IRNA also stated that the memorandum addresses damages suffered by Iran as a result of US and Israeli military actions, with compensation mechanisms to be discussed during subsequent negotiations.
The agency emphasised that Tehran remains committed to negotiations conducted according to its principles, including recognition of its right to uranium enrichment and the retention of enriched materials within Iranian territory.
The Fourteen-Point Draft
Iran’s Mehr News Agency published additional details about a 14-point draft memorandum, citing a source close to the Iranian negotiating team.
According to the report, the draft includes a US commitment not to interfere in Iran’s internal affairs, recognition of Iranian sovereignty, and reconstruction plans valued at no less than US$300 billion to be funded by the United States and its allies.
The draft reportedly calls for a complete end to maritime restrictions and the reopening of the Strait of Hormuz within 30 days under arrangements determined by Iran.
It also seeks suspension of sanctions affecting oil, petrochemical exports and related industries.
Under the reported framework, final negotiations would focus exclusively on enriched materials, enrichment activities, sanctions relief and economic reconstruction. Issues such as Iran’s missile programme and support for resistance groups would be removed entirely from the agenda.
The draft also calls on Washington to withdraw military forces from areas surrounding Iran, guarantee full access to Iranian financial resources and suspend sanctions affecting energy exports.
Iran would reaffirm its commitment to the Nuclear Non-Proliferation Treaty (NPT) and pledge not to develop nuclear weapons.
For final negotiations to begin, Tehran reportedly demands the release of US$24 billion in frozen assets during the 60-day negotiating period, with half of that amount made available before talks commence.
The draft also calls for the establishment of an oversight mechanism and for any final agreement to be endorsed through a United Nations Security Council resolution.
Revolutionary Guard Approval Still Pending
The Wall Street Journal reported, citing mediators, that security and military circles linked to Iran’s Islamic Revolutionary Guard Corps have not yet granted final approval to the memorandum.
According to the report, the draft remains under review by hardline Iranian security officials despite progress on key issues including the Strait of Hormuz and the nuclear file.
The newspaper reported that Washington and Tehran have narrowed differences regarding frozen assets, maritime access and references to the nuclear programme.
Senior Iranian diplomats reportedly support the draft, but the country’s opaque decision-making process continues to complicate negotiations.
Sources told the Wall Street Journal that separate channels are being used to engage diplomats on one side and Revolutionary Guard representatives on the other.
The report added that Iran’s Supreme Leader Mojtaba Khamenei relies heavily on senior military figures, including the commander of the Revolutionary Guard and the head of Khatam al-Anbiya Central Headquarters.
Iranian and Arab officials told the newspaper that approval from the security establishment alone is insufficient, as any agreement must also receive consensus within the Supreme National Security Council.
Sanctions Relief and Remaining Obstacles
The Wall Street Journal also reported that regional leaders seeking to avoid another round of escalation in the Gulf contacted Trump on Thursday, urging him to cancel planned attacks and arguing that an agreement was within reach if military action ceased.
According to the report, those leaders were surprised when Trump suggested the agreement had already been completed.
The remaining disputes reportedly centre on how quickly Iran should receive financial benefits and what commitments must be fulfilled before negotiations on the nuclear programme begin.
Sources indicated that access to frozen assets remains one of the most contentious issues, alongside the sequencing of reciprocal steps.
Iran wants early access to its funds and a reduction in maritime restrictions before reopening the Strait of Hormuz.
The Financial Times reported that sanctions relief would be implemented gradually and tied to progress in nuclear negotiations.
When Could the Agreement Be Signed?
Despite conflicting public statements, several media outlets, including Bloomberg, reported that the memorandum could be signed in Geneva on Sunday.
Officials indicated that what is expected to be signed is a memorandum of understanding rather than a final agreement, potentially on the sidelines of a Group of Seven meeting next week.
A Western source speaking to Reuters identified the same location and timeframe but stressed that the text remains under negotiation.
ABC News reported that the Trump administration continues preparations for a signing ceremony in Geneva, possibly as early as this weekend.
A US official told the network that the draft has already received approval from senior figures within the Iranian system.
However, Iran’s Fars News Agency quoted a source close to the negotiating team as dismissing reports of a Sunday signing in Geneva as inaccurate.
Even so, Foreign Minister Abbas Araghchi stated that a memorandum with the United States is now closer than ever before.
“Until the memorandum is finalised, the media should refrain from speculation about its contents,” he said.
American sources have also reported that four US Air Force C-17 transport aircraft recently departed for Europe carrying logistical equipment linked to a possible signing ceremony that could be attended by the US Vice President.
Why Geneva?
CNN reported that the location for the anticipated peace talks shifted in recent weeks from Pakistan to Switzerland.
According to the network, large numbers of security personnel have been repeatedly deployed to Geneva to coordinate preparations for a potential signing ceremony aimed at ending hostilities.
US military and security officials are reportedly planning another round of talks involving senior American representatives, possibly as early as the end of this week, while security planning teams continue operations in Europe to facilitate dialogue and push negotiations towards a final agreement.
The latest developments indicate that significant differences remain between the two sides despite intensive diplomatic efforts to prevent another round of conflict, one that both governments have suggested could be even more severe than the last.
Source: Axios, Al Jazeera and international agencies.
