The relationship between Washington and Tehran is heading towards a new phase of escalation management, with the emergence of a negotiating path based on gradual calm rather than complete resolution, in light of the complexity of the nuclear and regional issues and their intertwining with security calculations in the Middle East. In this context, talk of the expected signing of a memorandum of understanding in Switzerland reflects this shift, as it proposes an approach based on reducing risks and opening long-term negotiation channels rather than seeking a quick final settlement. What are the most important provisions of the draft? What are the repercussions of this development, especially at the regional level? How can the profit and loss accounts be read through the memorandum of understanding?