US official says parties can still walk away from Iran deal, sequencing will be key

The US and Iran can walk away from a preliminary accord set to be signed on Friday, with upcoming talks focusing on the precise sequencing of steps outlined in the 14-point memorandum.

Both Iran and the ​U.S. can walk away from the ‌memorandum of ​understanding they are set to sign on Friday, and upcoming talks are likely to focus on the precise sequencing of the steps previewed ‌in the preliminary accord, a senior U.S. official told reporters on Wednesday. Speaking on condition of anonymity, the official read out the 14-point memorandum that is due to be formally signed in Switzerland. They said upcoming ‌meetings there will be "critical" for ensuring that the memorandum of understanding can evolve into a ‌comprehensive agreement.

"I think the meeting in Switzerland will be quite critical in order to really see how we get to the next phase," a senior U.S. official said. "It has to be a situation where both parties... agree on the full ⁠magnitude of ​what both parties are ⁠going to do, and then come up with a sequencing agreement on who's going to do what when, and that's ⁠really where the crux of the negotiations will go."

The document, as read out by the official, was similar to the ​14-point memorandum that various media outlets, including Reuters, had already reported on earlier in the ⁠day. Under the terms of the MoU, an extendable 60-day negotiation period will begin upon the signing of the preliminary accord.

Iran ⁠will ​allow toll-free passage through the Strait of Hormuz for 60 days, and the Islamic Republic will later discuss the strait's administration with Oman and other Gulf powers. One senior official said as ⁠part of the MoU, Iran had agreed - at a minimum - to the "downblending" of the highly enriched uranium ⁠in its possession.

The ⁠officials said that Israeli Prime Minister Benjamin Netanyahu, who had previously said he had not seen the formal MoU, had not asked for a copy to ‌their knowledge.