American analysts have been are less likely to see this agreement as the main event. Jacqueline Shire of the Institute for Science and International Security has called the proposal "the elegant solution" in breaking the diplomatic standoff. But, she says, the fuel swap is outflanked by other issues that need to be resolved to restore international confidence in Iran's program.
"It' s a very important first step, but it's not the real crux of the matter," she said, citing that the deal may allow Iran to continue enriching uranium. Iran also has yet to ratify the additional protocols of the Non-Proliferation Treaty, which would give IAEA inspectors the authority to conduct spot-checks of nuclear sites.
Kristin Silverberg, an ambassador to the European Union during the second Bush administration, says Iran is "getting a lot more than it's giving" in the draft arrangement.
"It's attractive to the [Obama] administration] because it kicks the can down the road," she said, referring to an up to two-year setback in Iran's capacity to build a nuclear bomb if it agrees to send out most of its enriched uranium. "They still feel stumped by a lack of other options."
ABC News' Kirit Radia contributed to this report