Iranian state television reported on Saturday that the unofficial text of the Islamabad understanding has not yet been finalised.
According to the report, the draft provides insight into a proposed security framework for the Strait of Hormuz and outlines arrangements concerning Iran’s frozen financial assets.
Details of the Unofficial Draft
Iran’s Authority Over the Strait of Hormuz
Based on the unofficial version, one of the central components of the understanding is a redefinition of navigation and transit regulations in the Strait of Hormuz, under which the Islamic Republic of Iran would become the sole authority responsible for determining the status of vessels passing through the strategic waterway.
The draft states that any vessel carrying cargo deemed a threat to Iran, or whose ultimate beneficiary is considered hostile to Iran, would not be recognised as a commercial vessel and would therefore be denied passage through designated shipping corridors.
The text also proposes that route allocation, navigation service fees, security provisions, and compensation for environmental damage would all fall within Iran’s decision-making authority.
Under the proposed framework, every vessel would be required to submit its information to the relevant Iranian naval command centre and complete documentation detailing its cargo, ownership, and destination. The information would serve as the basis for determining whether a vessel poses a threat and would allow for on-site inspections when deemed necessary.
Release of Iran’s Frozen Assets
The issue of releasing Iran’s frozen financial assets is described as one of the most significant provisions contained in the unofficial Islamabad framework.
Iranian state television reported that the United States has committed to providing Iran with full access to US$12 billion of its assets within 60 days. According to the draft, the funds would be transferable and spendable through banks designated by Iran without restrictions.
The broadcaster noted that the matter was discussed during the visit of the Iranian negotiating delegation to Qatar, with the participation and endorsement of the Governor of the Central Bank of Iran. The aim, it said, was to prevent the released assets from facing the same limitations that previously rendered funds inaccessible despite being formally unfrozen.
The report stressed that the document remains an unofficial understanding, as it is still undergoing review, negotiation, and revision.
In this context, Hossein Ghorbanzadeh, a member of Iran’s economic negotiating team, confirmed that Tehran had secured guarantees during the Qatar talks to ensure access to the assets once released.
No Final Agreement Yet
The developments come amid reports that the United States and Iran are nearing a memorandum of understanding, with draft texts reportedly being exchanged through Pakistani mediation.
However, no final agreement has been announced, and Tehran has repeatedly stated that it intends to safeguard its interests in any future arrangement.
On Friday, a source familiar with the negotiations told the Iranian news agency Tasnim that the final framework agreement between Tehran and Washington had not yet completed its final drafting stage.
The source added that details published by Western media outlets regarding the proposed memorandum of understanding were inaccurate and did not accurately reflect the contents of the ongoing negotiations.
