US-Iran May Sign Peace Memorandum on Sunday

Geneva, long regarded as a hub for high-level diplomacy, has emerged as the leading contender for the possible signing of a US-Iran peace memorandum aimed at ending the Gulf conflict, a Western source told Reuters on Friday.

The source said the language of the agreement is still being finalized. Iran is insisting that the deal also include an end to the conflict in Lebanon, where Israel is fighting against Iran-backed Hezbollah.

The goal is to finalize the wording by Saturday so that US Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf can sign the agreement. No location has been confirmed yet, but Geneva is viewed as the most likely site.

President Donald Trump said on Thursday that he was calling off new strikes against Iran because a deal was now being prepared.

Speaking to reporters at the White House, Trump said, "We just made a great settlement of the war with Iran," 

However, according to Iranian officials on Friday, the terms of the agreement appear to secure most of Tehran’s long-standing demands. Trump is believed to have achieved very little of his own objectives, including the reopening of the Hormuz Strait, which Iran closed after ordering attacks in February.

According to Reuters, a senior Iranian source said on Friday that the draft agreement includes lifting sanctions on Iranian oil, releasing billions of dollars in Iranian assets, and securing a ceasefire across all fronts, including Lebanon.

A senior Iranian source told Reuters on Friday that the draft includes lifting sanctions on Iranian oil, releasing billions of dollars in Iranian assets, and ensuring a ceasefire across all fronts, including Lebanon.

The nuclear issue would be left for later negotiations. Washington wants an agreement that guarantees Iran will never develop nuclear weapons, while Iran says it has no such plans.

The lifting of oil sanctions, the release of Iranian assets, and an end to Israeli strikes in Lebanon were among Tehran’s key demands. The source did not specify what Iran would concede in return, and there was no immediate comment from the United States.

Iran’s Mehr News Agency reported that the agreement also includes significant US concessions, including a withdrawal of forces from around Iran and a pledge to present a reconstruction plan for Iran’s battered economy.

"The United States ​and its allies must submit plans for Iran’s reconstruction worth at least $300 billion," the Mehr report said.
Source: Reuters (adaptive)