Washington and Tehran have agreed on a memorandum of understanding, the text of which was published by CNN.
What the document contains
The memorandum consists of 14 points. According to the text, the parties and their allies commit to immediately cease military actions on all fronts, including in Lebanon. They also pledge to refrain from any hostile acts, threats of force, and interference in each other’s internal affairs.
Within 60 days, Washington and Tehran are to hold negotiations and prepare a final agreement.
The United States commits to lifting the naval blockade of Iran, restoring shipping within 30 days, and, after the final agreement is concluded, withdrawing its forces “from adjacent areas.” Iran, for its part, is to ensure the safe passage of commercial vessels through the Strait of Hormuz and restore shipping volumes to their pre-war level.
Economic commitments
The United States, together with “regional partners,” commits to developing a recovery and development program for Iran worth at least $300 billion. The implementation mechanism for that program is to be agreed within 60 days and formalized in the final agreement.
Washington also commits to lifting all current sanctions against Iran, including restrictions imposed by the UN Security Council and the IAEA Board of Governors. Sanctions relief is to proceed according to an agreed timetable after the final treaty is signed.
Until all restrictions are fully removed, the US Treasury is to issue special authorizations for Iranian oil exports, as well as for banking, insurance, and transport operations. In addition, the United States will give Tehran access to frozen funds and issue the necessary licenses.
Nuclear program
Iran is renouncing the development and production of nuclear weapons. At the same time, the parties agreed that the fate of enriched uranium stockpiles and other issues related to the nuclear program will be settled in the final agreement.
A special monitoring mechanism will be created to oversee compliance with the memorandum. The final agreement is expected to be formalized through a separate resolution of the UN Security Council.