The Iran-United States (US) agreement sets out the terms of a ceasefire between the two bitter rivals, the reopening of the Strait of Hormuz, some financial relief for Iran and a confirmation from Tehran that it will never produce nuclear weapons, the American network CNN (CNN) reported today.
The 14-point memorandum of understanding has not yet been officially released, but a copy of the text was provided to CNN by a US official. A diplomat who saw it at the G7 summit in France confirmed its contents, as did two other diplomatic sources familiar with the negotiations.
Under the deal, the US will allow Iran to sell its oil and petrochemical products. Tehran could also access a $300 billion development fund if it meets commitments on its nuclear program in further negotiations. The document does not contain details about what will happen to Iran's highly enriched uranium.
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A US official told CNN that the text reflects the agreement that was digitally signed on Sunday, June 14, by US President Donald Trump, US Vice President J.D. Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf. But given the secrecy surrounding the wording on both the US and Iranian sides, it is unclear whether the final document, which is due to be signed in Switzerland on Friday, will be identical to the draft obtained by CNN, as technical details are still being worked out, and the text could change.
In a statement to CNN, US officials downplayed the significance of the memorandum itself, calling it a "political document" that does not reflect key secret commitments Iran has made to the US, particularly regarding the future of its nuclear program.
The White House did not respond to a request for comment on the draft obtained by CNN. Iran's semi-official Tasnim news agency described leaked versions of the draft as inaccurate. Bloomberg previously published a version of the draft.
CNN reports that the memorandum of understanding is set to be formally signed on Friday, when a 60-day deadline for negotiations on a final agreement begins, and reports the text of the 14-point agreement in its entirety:
1 - The Islamic Republic of Iran and the United States of America, together with their allies in the current war, declare by signing this Memorandum of Understanding the immediate and permanent cessation of war on all fronts, including Lebanon, and undertake that they will henceforth not take hostile action against each other and that they will refrain from the threat or use of force against each other. The final agreement will confirm the provisions of this article, as well as the other articles.
2 - Iran and the US commit to respect each other's sovereignty and territorial integrity and to refrain from interfering in the internal affairs of the other party.
3 - Iran and the US commit to negotiating and reaching a final agreement within a maximum of 60 days (with the possibility of extension).
4 - The United States will immediately lift the naval blockade upon signing this Memorandum of Understanding and allow unimpeded traffic within 30 days; it will also withdraw forces from the surrounding areas within 30 days after the final agreement.
5 - Iran will take measures to restore the movement of merchant ships through the Persian Gulf and the Strait of Oman within 30 days.
4 - Immediately upon the signing of this Memorandum of Understanding, the United States shall lift the naval blockade and prevent any interference or obstruction against the Islamic Republic of Iran, and shall restore full-scale traffic within a maximum of 30 days; the traffic of ships shall be proportional to the volume of pre-war traffic from the Islamic Republic of Iran. The United States shall also undertake to withdraw its forces from the surrounding areas within 30 days of the final agreement.
5 - Upon the signing of this Memorandum of Understanding, the Islamic Republic of Iran will take immediate steps to ensure that the movement of merchant ships from the Persian Gulf to the Sea of Oman and vice versa is restored to pre-war levels within 30 days, taking into account the need for the removal of technical obstacles and the neutralization of mines by Iran.
6 - The United States commits, together with its regional partners, to develop a comprehensive plan to be agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, providing at least $300 billion in financing. The mechanism for implementing this plan, as part of a final agreement, will be formulated within 60 days.
7 - The United States commits to ending, on a schedule to be agreed as part of the final agreement, all types of sanctions currently affecting the Islamic Republic of Iran, including resolutions of the United Nations Security Council and the Board of Governors of the International Atomic Energy Agency (IAEA), as well as all unilateral U.S. sanctions, both primary and secondary.
8 - The Islamic Republic of Iran reaffirms that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States of America agree that the fate of enriched material and the fate of all other nuclear-related issues as mutually agreed, including Iran's nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article.
9 - The Islamic Republic of Iran and the United States agree to maintain the status quo until a final agreement is reached: Iran will maintain the status quo regarding its nuclear program, and the United States will not impose new sanctions on Iran or strengthen its forces in the region.
10 - The United States undertakes that immediately upon the signing of this Memorandum of Understanding, and until the date of the lifting of sanctions, the United States Treasury Department will issue exemptions for the export of Iranian crude oil, petrochemical products and their derivatives, as well as for all related services, including banking, insurance, transportation, and the like.
11 - The United States undertakes that, in light of progress in negotiations towards a final agreement, frozen or restricted funds and assets of the Islamic Republic of Iran will be released and made fully available. Such funds, whether held in the master account or transferred, will be used for any final payment to the beneficiary designated by the Central Bank of the Islamic Republic of Iran and will be fully available for use. The United States undertakes to issue all necessary permits and approvals on that basis.
12 - The Islamic Republic of Iran and the United States agree that an implementation mechanism will be established to monitor the successful implementation and future commitments related to the final agreement.
13 - After signing this Memorandum of Understanding, and upon receiving assurances regarding the commencement of implementation of Articles 4, 5, 10 and 11 of this Memorandum of Understanding, as well as the continuation of the implementation of these measures, the Islamic Republic of Iran and the United States will enter into negotiations on a final agreement exclusively regarding the remaining articles.
14 - The final agreement will be approved by a binding resolution of the United Nations Security Council.
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