Read the 14-point draft agreement between the US and Iran

A draft agreement between the United States and Iran, obtained by CNN, reportedly lays out terms for a ceasefire, the reopening of the Strait of Hormuz, and financial relief for Tehran. The 14-point memorandum of understanding has not yet been officially released, but its contents were confirmed by a diplomat who saw it at the G7 summit and two other diplomatic sources familiar with the negotiations.

According to the draft, the US would permit Iran to sell oil and petrochemical products. Tehran might also access a $300 billion development fund if it meets commitments regarding its nuclear program in future talks. However, the document does not specify the fate of Iran's highly enriched uranium.

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The text does not reflect the actual memorandum.

US officials have downplayed the draft's significance, labeling it a "political document" that doesn't capture crucial back-channel commitments made by Iran, particularly concerning its nuclear activities. The White House has not commented on the draft obtained by CNN. Meanwhile, the semi-official Iranian news agency Tasnim has called leaked versions of the draft inaccurate.

The memorandum is expected to be formally signed on Friday, initiating a 60-day period for negotiating the final terms of a comprehensive deal. The draft agreement includes provisions for an immediate and permanent end to hostilities on all fronts, respect for sovereignty and territorial integrity, and a commitment to negotiate a final agreement within 60 days.

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leaked versions of the draft as inaccurate.