Iran and the 5+1 have managed to reach a tentative deal on the lifting of sanctions, which has been one of the contentious issues in the negotiations, which were extended another seven days on June 30.

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The Guardian cites diplomatic sources saying on Saturday July 4 that the timeline and mechanism for sanctions relief has been drafted and it now has to be signed off on by U.S. Secretary of State John Kerry and Iranian Foreign Minister Mohammad Javad Zarif.

The news indicates significant progress toward an agreement that has remained elusive, despite statements by the parties last November that they had reached consensus on the framework of the deal.

The sanctions annex was reportedly drafted by experts from Iran and the 5+1 representatives, but according to the reports, the negotiations in Vienna remain confidential and the details cannot be publicized yet.

Zarif was quoted as saying yesterday that they are closer than they have ever been to reaching a final deal.

The agreement is set to be finalized by July 7.