PREMIUM TIMES reports that the war started on 28 February when the US and Israel launched attacks on Iran.
The US and Iran have signed a deal to halt the war between the two countries. The deal also declares “the immediate and permanent termination of military operations on all fronts, including in Lebanon,” where Israel has been carrying out attacks that have killed hundreds of people and displaced over a million residents.
PREMIUM TIMES reports that the war started on 28 February when the US and Israel launched attacks on Iran. Iran retaliated by targeting American interests in the Gulf States. Hezbollah, the armed Lebanese group, joined the war on Iran’s behalf, targeting Israel, which led to Israeli attacks on Lebanon.
Although intense fighting ended in April when a ceasefire was agreed, the warring parties continued to attack each other.
The war led to a global increase in the price oil and its derivatives due to the closure of the Strait of Hormuz, through which about 20 per cent of the world’s oil passes.
The reopening of the Strait is one of the contents of the deal.
The deal signed on Thursday calls for a 60-day window during which a final deal will be agreed.
A senior US official read out the 14-point Memorandum of Understanding (MoU) to journalists, including the BBC.
Read the full text of the MOU as published by the BBC below.
Point 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, and undertake from now on not to initiate any war or any military operation against each other, and to refrain from the threat or use of force against each other, and ensuring the territorial integrity and sovereignty of Lebanon. The final deal will confirm the permanent termination of the war on all fronts, including in Lebanon and other provisions of this paragraph.
Point 2: The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity, and to refrain from interfering in each other’s internal affairs.
Point 3: The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days, extendable with mutual consent.
Point 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, and 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. United States of America further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal.
Point 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 with no charge for 60 days, only from the Persian Gulf to the Sea of Oman and vice versa.
The traffic of commercial vessels will immediately start, and considering the need for removing the tactical and military obstacles and de-mining by the Islamic Republic of Iran will be instated within 30 days. The Islamic Republic of Iran will conduct dialog with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz, in discussion with other Persian Gulf rhetorical states in line with the applicable international law. The sovereign rights of coastal states of the Strait of Hormuz.
Point 6: The United States of America undertakes with regional partners to develop a definitive, mutually agreed plan with at least $300 billion (£225 billion) for the reconstruction and economic development of the Islamic Republic of Iran. The mechanism for the implementation of this plan will be finalised as part of a final deal within 60 days. All required licenses, waivers and permissions needed for the relevant financial transactions will be granted by the United States of America end of paragraph six.
Point 7: The United States of America undertakes to terminate all types of sanctions against the Islamic Republic of Iran, including the United Nations Security Council resolutions, i.e. International Atomic Energy Agency (IAEA) Board of Governors resolutions and all unilateral U.S. sanctions, primary and secondary, in an agreed upon schedule.
As part of the final deal, the Islamic Republic of Iran and the United States of America acknowledge the critical importance of the sanctions termination issue above mentioned, and express their intentions to immediately address these issues in the negotiations in order to achieve mutual agreement on them.
Point 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, pursuant to a mechanism that will be mutually agreed upon in accordance with the schedule mentioned in paragraph seven, with the minimum methodology to be down. Blending on site under the supervision of the IAEA.
The two parties also agreed to discuss the issue of enrichment and other mutually agreed matters related to the Islamic Republic of Iran’s nuclear needs, based on a satisfactory framework being agreed upon in the final deal. The final deal will confirm the provisions of this paragraph. The United States of America and the Islamic Republic of Iran acknowledge the critical importance of the nuclear issues above mentioned, and expressed their intention to immediately address these issues in the negotiations in order to achieve mutual agreement on them.
Point 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, and the United States of America will not impose any new sanctions and will not deploy additional forces in the region.
Point 10: The United States of America undertakes that immediately upon the signing of this MOU and until the termination of sanctions, the U.S. Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products and derivatives and all associated services including banking, transactions, insurances, transportation, etc.
Point 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 the MOU, the United States of America and the Islamic Republic of Iran will mutually agree on the procedures related to the release of these funds. During the negotiations. Such funds, whether retain the original account or transfer, shall be made fully usable for payment to any ultimate beneficiary designed by the central bank. Ultimate beneficiary designated by the central Bank of the Islamic Republic of Iran. The United States of America undertakes to issue all necessary licenses and authorisations accordingly.
Point 12: The United States of America and the Islamic Republic of Iran agreed that an executive mechanism will be established to monitor the successful implementation of this MOU and the future compliance of the final deal.
Point 13: After signing the MOU and subject to the beginning of the implementation of paragraphs one, four, five, ten and 11 of this MOU and the continuing implementation of these measures. The United States of America and the Islamic Republic of Iran will start negotiations regarding the final deal exclusively.
Point 14: The final deal will be endorsed by a binding United Nations Security Council (UNSC) resolution.
More details here...
