Pakistani Prime Minister Shehbaz Sharif announced on Thursday that a memorandum of understanding (MoU) between the U.S and Iran has been officially signed electronically and takes effect immediately.
A senior U.S. administration official outlined the 14-point agreement, which includes plans to reopen the Strait of Hormuz, ease some financial sanctions on Iran, and set the stage for tackling Iran’s nuclear program in upcoming technical talks.
The official signing is set for Friday, which kicks off a 60-day countdown to hammer out the final details of the deal. Media outlets, including CNN, Time Magazine, and Iran’s official news agency IRNA, have published the full text of the 14-point MoU. While CNN previously leaked a draft of the agreement, the official version released by the U.S has a few key tweaks. The final text introduces a “minimum methodology” for neutralizing Iran’s highly enriched uranium stockpile. Read the full text here:
Termination of war by U.S and Iran
1. The United States of America and the Islamic Republic of Iran and their allies in the current war by signing this MoU, declare the immediate and permanent termination of military operations on all fronts, including in Lebanon. Furthermore, they undertake from now on not to initiate any war or any military operation against each other. They will also refrain from the threat or use of force against each other, and ensuring the territorial integrity and sovereignty of Lebanon. Final deal will confirm the permanent termination of the war on all fronts, including in Lebanon, and other provisions of this paragraph.
Respecting Territorial Integrity
2. The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity. In addition they agree to refrain from interfering in each other’s internal affairs.
Final deal in 60 days
3. The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days. However, this period is extendable with mutual consent.
U.S ending Naval Blockade
4. Immediately upon the signing of this MoU, the United States of America will begin the removal of its naval blockade and any disturbances or impediments against the Islamic Republic of Iran. It will fully end the naval blockade within 30 days. During this period, the traffic of vessels will be in proportion to the numbers of pre-war traffic being restored by the Islamic Republic of Iran. Moreover, the United States of America undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal.
Opening the Strait of Hormuz
5. Upon the signing of this MoU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels. No charges will be imposed for 60 days on vessels traveling between the Persian Gulf and the Sea of Oman. Commercial traffic will resume immediately. However, full restoration may take up to 30 days due to the removal of technical and military obstacles and demining operations conducted by Iran.
Meanwhile, the Islamic Republic of Iran will engage in dialogue with the Sultanate of Oman. The discussions will focus on the future administration and maritime services of the Strait of Hormuz. Other Persian Gulf littoral states will also be consulted, in line with applicable international law and the sovereign rights of coastal states.
U.S to fund Iran’s reconstruction
6. The United States of America undertakes with regional partners to develop a definitive, mutually agreed plan with at least $300 billion for the reconstruction and economic development of the Islamic Republic of Iran. The mechanism for the implementation of this plan will be finalized as part of a final deal within 60 days. Additionally, the United States will grant all licenses, waivers, and permissions required for the relevant financial transactions.
Termination of sanctions by U.S
7. The United States of America undertakes to terminate all types of sanctions against the Islamic Republic of Iran. This includes the United Nations Security Council resolutions, i.e. IAEA Board of Governors resolutions and all unilateral US sanctions, primary and secondary. The process will follow an agreed-upon schedule as part of the final deal. Furthermore, The Islamic Republic of Iran and the United States of America acknowledge the critical importance of the sanctions-termination issue above mentioned. They expressed their intentions to immediately address these issues in the negotiations, in order to achieve mutual agreement on them.
Iran to not procure nuclear weapons
8. The Islamic Republic of Iran reaffirms that it shall not procure or develop nuclear weapons. The United States of America and the Islamic Republic of Iran have agreed to resolve the disposition of stockpiled enriched material. This will be done with a mutually agreed upon mechanism. This will be in accordance with the schedule mentioned in Paragraph Seven. The minimum methodology will be downblending on site under the supervision of the IAEA.
In addition, both the parties also agreed to discuss the issue of enrichment and other mutually agreed matters related to the Islamic Republic of Iran’s nuclear needs. These discussions will be based on a satisfactory framework agreed upon in the final deal. The final deal will confirm the provisions of this paragraph. Moreover, The United States of America and the Islamic Republic of Iran acknowledge the critical importance of the nuclear issues above mentioned. They express their intention to address them immediately during negotiations and work toward mutual agreement.
Maintaining the status quo
9. Pending the final deal, the United States of America and the Islamic Republic of Iran agree to maintain the status quo. The Islamic Republic of Iran will maintain the current status quo of its nuclear program. Meanwhile, the United States of America will not impose any new sanctions nor deploy additional forces in the region.
U.S issuing Waivers for Iran’s exports
10. The United States of America undertakes that immediately upon the signing of this MoU until the termination of sanctions, the US Department of Treasury will issue waivers. These waivers will cover the export of Iranian crude oil, petroleum products, derivatives, and all associated services, including banking transactions, insurance, and transportation.
Availability of Iran’s frozen funds
11. The United States of America undertakes to make fully available for use the frozen or restricted funds and assets of the Islamic Republic of Iran upon the implementation of this MoU. The U.S and the Islamic Republic of Iran will mutually agree on the procedures related to the release of these funds during the negotiations. Either retained in the original account or transferred, these funds shall be made fully usable for payment. They may be used to pay any ultimate beneficiary designated by the Central Bank of the Islamic Republic of Iran. The U.S undertakes to issue all necessary licenses and authorizations accordingly.
Monitoring compliance
12. The U.S and the Islamic Republic of Iran agree to establish an executive mechanism. This mechanism will monitor the successful implementation of this MoU and the future compliance of the final deal.
Strict implementation
13. After signing this MoU and subject to the beginning of the implementation of Paragraphs 1, 4, 5, 10 and 11 of this MoU and the continuing implementation of these measures. These negotiations will proceed only if the agreed measures continue to be implemented.
UNSC’s Role:
14. The final deal will be endorsed by a binding UN Security Council resolution.
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