Iran is set to receive broad financial incentives under a draft agreement with the US, including immediate permission to sell oil, access to a $300 billion development fund, and eventual access to frozen assets, according to a Bloomberg report.

The near final draft outlines the economic terms Iran could receive for ending its control over the Strait of Hormuz and restating its commitment never to seek a nuclear weapon. 

The two sides are expected to formally sign the memorandum of understanding on June 19 in Switzerland, opening a 60 day negotiation period toward a final agreement.

Under the draft, the US Treasury Department would issue waivers for exports of Iranian crude oil, petrochemical products, and related derivatives immediately after the memorandum is signed. 

The US would also lift its naval blockade, while both sides would work to restore traffic through the Strait of Hormuz to pre conflict levels within 30 days.

The document also calls for the US and regional partners to create a plan to support Iran’s economic development with at least $300 billion in financing. The draft says Iran’s frozen assets will be released and made fully available, though it does not provide a timeline.

The terms remain subject to change. A person familiar with the matter told Bloomberg that technical details are still being finalized, while US officials have said Iran would only receive the benefits if it meets its commitments, including limits on its nuclear program and free navigation through the strait.

The draft does not directly resolve the status of Iran’s enriched uranium stockpile, saying that issue will be addressed in a final agreement. It also says the conflict would end on all fronts, including Lebanon, a condition that could require Israeli approval.