U.S. Says Iran Promises Indefinite Nuclear Abandonment, With Rewards to Be Granted in Stages

[Financial News]  

A senior U.S. government official said on the 12th (local time) that the two sides have reached a tentative agreement under which Islamic Republic of Iran would dismantle its nuclear program, shut down nuclear facilities, and dispose of and remove nuclear materials, while the United States would provide economic rewards at each stage, including the release of frozen funds and the lifting of sanctions.
The official added that the Strait of Hormuz would be opened as soon as the memorandum of understanding is signed, and that Islamic Republic of Iran would continue to be allowed peaceful nuclear use.
In a briefing that day, the official said the two countries had agreed on this end-of-war MOU and that a signing ceremony was expected to take place within days in Europe or another appropriate venue.
If both sides sign the MOU, technical talks will follow over 60 days. Those negotiations will cover how enriched nuclear material will be destroyed and removed.
The MOU also includes a commitment by Islamic Republic of Iran not to permanently acquire or develop nuclear weapons. Civilian nuclear power generation will be permitted.
Inspection and verification mechanisms have also been put in place. The official said some benefits would follow if satisfactory results are achieved in that process.
Because the two sides do not trust each other, the official stressed that this is a "performance-based agreement" in which economic rewards will be provided in proportion to implementation progress.
The MOU also includes a provision to open the Strait of Hormuz immediately upon signing. In line with the opening of the strait, the United States will lift its maritime blockade on Islamic Republic of Iran.
The MOU also includes a "comprehensive peace agreement" for the Middle East, including Israel and Lebanon's Hezbollah.
Islamic Republic of Iran is said to have promised not to fund Hezbollah and other pro-Iranian armed groups.
Meanwhile, the official said there is opposition to the MOU within hardline circles in Islamic Republic of Iran, including the Islamic Revolutionary Guard Corps (IRGC), but that it is clear Supreme Leader Mojtaba Khamenei has agreed to it.

dympna@fnnews.com Song Kyung-jae Reporter