TEHRAN, June 15 (HS/RIA Novosti) - The United States has committed to suspending sanctions on Iranian oil and petroleum product exports, not imposing new sanctions against Tehran, and not building up its military forces in the Middle East, the Iranian news agency Mehr reported citing a draft memorandum of understanding between the two countries.

Sanctions on the sale of oil, petrochemical products, and petrochemical derivatives must be suspended, Mehr quotes the draft memorandum. The US commits not to build up its forces in the Middle East region and not to impose new sanctions against Iran.

The United States and its allies must provide Iran with a project to restore the Islamic Republic's economy worth at least $300 billion, the agency added.

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Hindusthan Samachar / Indrani Sarkar