Draft Iran deal terms cloud Trump’s Sunday signing plan

Iran circulated several versions of a proposed interim accord with the United States while President Donald Trump continued to point to a Sunday signing, Bloomberg News reported. The differences matter because the drafts vary on how much economic relief Tehran would receive and when, even as the two sides discuss steps to halt a war that has shaken the Middle East and lifted oil prices.

Bloomberg reported that at least three texts were in circulation. Each version included provisions tied to reopening the Strait of Hormuz, easing sanctions on Iran and starting later talks on the future of Iran’s nuclear program, according to Bloomberg.

The White House declined to comment as the deadline approached, Bloomberg reported. Fox News cited Trump on Sunday afternoon as saying an agreement would be signed within two to three hours.

The timing carried political symbolism because Sunday was Trump’s 80th birthday, according to Bloomberg. Bloomberg also reported that Iranian officials were uneasy about signing on that date, even as Iranian officials and Pakistani mediators had made comments suggesting an agreement was near.

Drafts differ on money and sanctions

A draft seen by Bloomberg said the United States and “regional partners” would create a reconstruction and economic development program for Iran with at least $300 billion in funding if a final agreement is reached. That draft said Iran’s nuclear program would be addressed in later negotiations, Bloomberg reported.

Reuters, citing an unidentified Iranian official, reported that another memorandum draft would allow the release of $25 billion in frozen Iranian assets. Bloomberg said the version it reviewed did not include that provision.

Iran’s semi-official Mehr news agency reported Friday that final negotiations would not begin until several conditions were met: half of Iran’s frozen funds would have to be released, oil sanctions suspended and the naval blockade lifted.

Bloomberg reported that the disagreements sharpened a central political problem for Trump. He has said he wants to end the fighting, while Iran hawks in the United States oppose concessions such as sanctions relief, access to frozen funds and a pledge against future attacks, according to Bloomberg.

Hormuz, Lebanon and nuclear talks

A senior U.S. official told reporters Friday that the agreement would reopen the Strait of Hormuz and move Washington and Tehran into talks on broader disputes over Iran’s nuclear program, Bloomberg reported. The official said the process would include phased steps in which Iran would receive benefits as it met U.S. demands, according to Bloomberg.

Bloomberg reported that the latest Persian-language draft included a ceasefire on all fronts, including Lebanon, and commitments by Iran and the United States not to start a war against each other. It also called for both countries to respect each other’s sovereignty and avoid interference in internal affairs, according to Bloomberg.

Under that draft, Iran and the United States would seek a final agreement within 60 days, with an extension possible if both sides agreed, Bloomberg reported. The text also said the United States would begin lifting its maritime blockade immediately after signing and restore shipping to full capacity within 30 days, while Iran would move to restart commercial transit between the Persian Gulf and the Sea of Oman, according to Bloomberg.

The same draft said Iran would reaffirm that it will not produce nuclear weapons, while the two countries would discuss enrichment, stockpiles of enriched material and other nuclear issues, Bloomberg reported. It also said the United States would issue Treasury waivers for Iranian crude, petrochemical exports and related banking, insurance and transport services after the memorandum was signed, according to Bloomberg.

The diplomatic push was complicated Sunday by Israeli strikes on Lebanon’s capital, which Israel’s military said targeted Hezbollah after the Iranian-backed group fired more projectiles into northern Israel, Bloomberg reported. Trump later wrote on social media that Israel should stop attacking Lebanon, saying the sides were close to a deal that could bring peace to the region.

This story draws on original reporting from Fortune.