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By Tim Lister, Frederik Pleitgen and Aida Kamiri, CNN
(CNN) — Iran and the United States have signaled they are closing in on an agreement to turn the existing ceasefire that ended weeks of conflict into a more long-lasting settlement.
Both sides are talking of a “memorandum of understanding” that will set out a roadmap for resolving all outstanding issues, although a deal is still a “work in progress,” according to US Secretary of State Macro Rubio.
“We’re either going to have a good agreement or we’re going to have to deal with it another way,” Rubio said during a visit to India on Monday.
But what is in that memorandum remains unclear.
The central premise of this approach is that the memo, once signed, would stop the fighting, which would be welcome news to both sides, with US President Donald Trump facing midterm elections later this year amid sharply higher gasoline prices and Iran’s economy in crisis.
The agreement would then see the gradual reopening of the Strait of Hormuz, and set off a 60-day process for tackling other issues, chief among them Iran’s nuclear program.
Rubio said there was “a pretty solid thing on the table” in terms of opening up the strait and in Iran entering into “a real significant time limited negotiation on nuclear matters.”
A senior administration official told CNN on Sunday that the framework agreement gives the parties “60 days to reach final deal points.”
According to the official, the potential deal would make sure Iran can never possess a nuclear weapon and would commit it to giving up highly enriched uranium, which the president often refers to as “nuclear dust.”
How the stockpile is disposed of would be a part of the next phase of negotiations.
“The important part of how this is structured is, if Iran doesn’t perform, they don’t get anything. No dust? No dollars. As the Strait opens, the blockade loosens proportionately,” the official said. “This is ‘trust but verify’ on steroids.”
However, Iranian officials and state media have offered different interpretations.
“We have reached understandings on a large portion of the issues under discussion. But to say this means an agreement is about to be signed — no one can make such a claim, ”said Foreign Ministry spokesman Esmail Baghaei Monday.
And after saying that the deal was “largely negotiated,” Trump said Sunday that the US would not rush into an agreement.
“If I make a deal with Iran, it will be a good and proper one, not like the one made by Obama,” Trump said in a post on Truth Social on Sunday, saying that deal gave Iran “a clear and open path to a Nuclear Weapon.”
Here’s what we know about some of the key issues at stake.
The Strait of Hormuz
Trump wrote in a social media post late Saturday that the critical waterway, the Strait of Hormuz, would reopen under the memorandum.
But multiple Iranian media outlets, some of them close to the hardline Islamic Revolutionary Guard Corps (IRGC), reported Sunday that the strait would remain under Iranian supervision. Over a period of 30 days, Iran would allow shipping to return to pre-war levels.
Tehran has slightly shifted its tone on collecting tolls from ships that pass through the strait.
“We are not seeking to collect tolls – services are provided; navigation services plus necessary measures to protect the environment of t