WASHINGTON — Iran is set to receive broad financial incentives as part of its agreement with the U.S., including the right to sell oil immediately, tap a $300 billion development fund and get eventual access to its frozen assets, according to a near-final draft of the deal.

While the contours of the memorandum of understanding have been circulating for days, the document, a copy of which was seen by Bloomberg News, offers the most complete accounting yet of the economic boost Iran is set to receive for ending its chokehold on the Strait of Hormuz and reiterating its commitment never to seek a nuclear weapon.

The two sides are set to formally sign the agreement on June 19 in Switzerland, paving the way for 60 days of talks to end their war for good and put strict new limits on Iran’s nuclear program. One person familiar with the matter said technical details were still being worked out, suggesting precise language could still change.

Under its terms, the U.S. Treasury Department “will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives” immediately after the memorandum is signed. The U.S. will lift its naval blockade and the two countries will work to ensure that traffic in the Strait of Hormuz returns to its pre-war level within 30 days.

According to the draft document, the U.S. and its regional partners would create a plan to rehabilitate Iran and allow for its economic development, with financing of at least $300 billion. It is vague on the release of Iran’s frozen assets, saying the U.S. undertakes that those funds “will be released and made fully available” without setting a timeline.

Neither side has released the complete text of the agreement, and U.S. officials have given conflicting accounts of when that might happen. President Donald Trump has said it will be published sometime after the signing ceremony on Friday, while another senior U.S. official said Monday it would be released in a day or two.

Asked for comment, a U.S. official declined to discuss the specifics of the draft but said Iran can only get the benefits of the deal if it meets its commitments. Those include never getting a nuclear weapon, neutralizing its enriched material and allowing free navigation in the strait.

Trump had earlier denied that the U.S. would pay Iran $300 billion. The draft says only that the U.S. and its partners would ensure financing of that amount.

The latest deal presents political risks for Trump, who had claimed for years that a 2015 deal between President Barack Obama’s administration and Iran over its nuclear program amounted to massive financial giveaway to Tehran. Trump scrapped that agreement in 2018 and promised a better version.

Now that Trump is looking to wind down the conflict the U.S. and Israel launched on Feb. 28, his Republican allies in Congress and Iran hawks outside the administration have voiced concern that he’s preparing to give Iran too much financial reward without getting enough in return.

Other challenges also await: the draft version said the war will be ended “on all fronts, including in Lebanon.” That will require consent from Israeli Prime Minister Benjamin Netanyahu, who has so far refused to end his war against Hezbollah across Israel’s northern border.

Under the terms of the deal, the U.S. would also commit to ending its sanctions against Iran — but only as part of a final agreement to be negotiated over the next two months to end their war for good. The U.S. would also withdraw its military forces “from the surrounding areas” within 30 days of the final agreement being signed.

The person familiar with the matter said the U.S. understanding was that the oil sales only applied to Iranian oil that’s already been loaded onto boats and not wider permission for Iran to restart oil sales.

The agreement offers a mix of immediate and eventual financial incentives for Iran while committing it never to seek a nuclear weapon. The country has long insisted it doesn’t want the atomic bomb and had committed not to seek one as part of the Obama-era Joint Comprehensive Plan of Action.

The draft seen by Bloomberg doesn’t directly address the state of Iran’s stockpile of enriched uranium. It says only that the fate of Iran’s enriched uranium “will be adequately addressed in a final agreement” along with all other nuclear issues.

It wasn’t immediately clear if Trump’s Republican allies will be satisfied with the latest terms. It doesn’t commit the U.S. to hard deadlines for easing sanctions or establishing the fund. Senior U.S. officials have said repeatedly Iran will only get financial rewards as it meets the U.S. demands.

Below is the text of the draft memorandum seen by Bloomberg News:

1. The Islamic Republic of Iran and the United States, together with their allies in the current war, declare upon the signing of this Memorandum of Understanding an immediate and permanent end to the war on all fronts, including Lebanon, and undertake that from now on they will not launch any hostile action against each other, and will refrain from the threat or use of force against each other. The final agreement will confirm the provisions of this Article and the remaining Articles.

2. The Islamic Republic of Iran and the United States undertake to respect each other’s sovereignty and territorial integrity, and to refrain from interfering in each other’s internal affairs.

3. The Islamic Republic of Iran and the United States undertake to negotiate and reach a final agreement within a maximum period of 60 days, extendable by mutual consent.

4. Immediately upon the signing of this Memorandum of Understanding, the United States lift the naval blockade and prevent any interference or obstruction against the Islamic Republic of Iran, and restore traffic within a maximum of 30 days to its full capacity; the traffic of ships shall be proportional to the pre-war volume of traffic on the part of the Islamic Republic of Iran. The United States also undertakes to withdraw its forces from the surrounding areas within 30 days after the final agreement.

5. Upon signing this Memorandum of Understanding, the Islamic Republic of Iran will immediately take steps to ensure that the movement of merchant ships from the Persian Gulf to the Sea of ​​Oman and vice versa is resumed within 30 days to the pre-war volume, taking into account the need for the removal of technical obstacles and the neutralization of mines by Iran.

6. The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, while ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days.

7. The United States commits to ending, on a schedule to be agreed upon as part of the final agreement, all types of sanctions currently facing the Islamic Republic of Iran, including resolutions of the United Nations Security Council and the Board of Governors of the International Atomic Energy Agency (IAEA), and all unilateral U.S. sanctions, both primary and secondary.

8. The Islamic Republic of Iran reiterates that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran’s nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article.

9. The Islamic Republic of Iran and the United States agree that, pending a final agreement, they will maintain the status quo: Iran will maintain the status quo on its nuclear program, and the United States will not impose new sanctions on Iran or strengthen its forces in the region.

10. The United States undertakes that immediately after the signing of this Memorandum of Understanding, and until the date of the lifting of sanctions, the United States Treasury Department will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives, and all related services, including banking, insurance, transportation, and the like.

11. The United States undertakes that, in light of the progress of negotiations towards a final agreement, frozen or restricted funds and assets of the Islamic Republic of Iran will be released and made fully available. These funds, whether held in the master account or transferred, will be used for any final beneficiary payment determined by the Central Bank of the Islamic Republic of Iran and will be fully available for use. The United States undertakes to issue all necessary permits and licenses on this basis.

12. The Islamic Republic of Iran and the United States agree that an implementation mechanism will be established to oversee the successful implementation of and future commitment to the Final Agreement.

13. Following the signing of this Memorandum of Understanding, and upon receipt of assurances regarding the commencement of implementation of Articles 4, 5, 10, and 11 of this Memorandum of Understanding, and the continued implementation of these steps, the Islamic Republic of Iran and the United States will enter into negotiations for a Final Agreement solely with respect to the remaining Articles.

14. The final agreement will be approved through a binding resolution of the UN Security Council.

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