Iran to receive $300-billion development fund with oil exports relief in peace deal with US

Iran is set to receive sweeping economic incentives under a draft agreement reached with the United States, including the immediate ability to resume oil exports, access to a proposed $300 billion development programme, and the eventual release of frozen assets, according to a final draft of the memorandum of understanding reviewed by Bloomberg News.

The agreement, reached by both sides on Sunday, is expected to be formally signed in Switzerland on June 19. The deal is aimed at easing tensions in the Gulf region, restoring normal shipping through the Strait of Hormuz, and opening the door to broader negotiations over Iran's nuclear programme.

The draft outlines a 60-day framework for talks designed to bring a permanent end to the conflict and establish stricter limits on Iran's nuclear activities. In return, Iran would reaffirm its commitment not to pursue nuclear weapons and ease disruptions in the Strait of Hormuz, one of the world's most critical oil shipping routes.

Under the proposed arrangement, the US Treasury Department would immediately grant waivers allowing exports of Iranian crude oil, petrochemical products, and related derivatives once the agreement is signed. The US would also end its naval blockade while both countries would work to restore shipping traffic through the Strait of Hormuz to pre-conflict levels within 30 days.

The draft further proposes a long-term economic rehabilitation plan for Iran, backed by financing of at least $300 billion from the US and its regional partners. While the document commits Washington to ensuring that Iran's frozen overseas assets “will be released and made fully available”, it does not specify a timeline for the transfer of those funds.

The text of the agreement has not been officially released by either government. However, a person privy to the development told Bloomberg that the US has begun sharing the document with allied countries attending the Group of Seven (G-7) summit in France.

Speaking on the sidelines of the summit, US President Donald Trump described the agreement as a “done deal” that would prevent Iran from developing nuclear weapons. However, he added that the US would neither pay war reparations nor directly invest in Iran, saying Tehran's leaders “have to prove themselves, I think, before any of us go in there.”