A senior U.S. administration official described it as “fundamentally an agreement that allows us to open the Strait of Hormuz immediately and commit the Iranians to destroying the nuclear dust.”
He added that it “then gives us a dial where, if the Iranians dial up their good behaviour, we respond by dialling up the kind of economic and sanctions relief that can make them a more prosperous country.”
Here is what each of the 14 points says:
The U.S., Iran and their allies declare an immediate and permanent end to military operations on all fronts, including Lebanon, committing not to initiate any war or military operation against each other. The territorial integrity and sovereignty of Lebanon is also guaranteed. A final deal will confirm the permanent termination of the war.
Both countries commit to respecting each other’s sovereignty and territorial integrity and to refraining from interfering in each other’s internal affairs.
The U.S. and Iran commit to negotiating and achieving a final deal within a maximum of 60 days, extendable by mutual consent.
The U.S. will immediately begin removing its naval blockade and will fully lift it within 30 days. Vessel traffic will be restored gradually in proportion to pre-war levels. U.S. forces will withdraw from the proximity of Iran within 30 days of the final deal.
Iran will facilitate the safe passage of commercial vessels through the Strait of Hormuz at no charge for 60 days only. Traffic will resume immediately, with mines cleared and technical obstacles removed within 30 days. Iran will also open dialogue with Oman and other Gulf states on the future administration of the strait.
The U.S., working with regional partners, will develop a plan worth at least $300bn for the reconstruction and economic development of Iran. The implementation mechanism will be finalised as part of the final deal within 60 days. All required licences and financial permissions will be granted by the U.S..
The U.S. commits to terminating all sanctions against Iran, including UN Security Council resolutions, IAEA Board of Governors resolutions, and all unilateral U.S. sanctions — primary and secondary — on an agreed schedule to be determined in the final deal.
Iran reaffirms it shall not procure or develop nuclear weapons. Both sides agreed to resolve the fate of Iran’s stockpile of enriched material through a mutually agreed mechanism, with the minimum approach being down-blending on site under IAEA supervision. The issue of enrichment will also be discussed in the final deal.
Pending the final deal, both sides agree to maintain the current status quo. Iran will not advance its nuclear programme, while the U.S. will not impose new sanctions or deploy additional forces in the region.
Immediately upon signing, the U.S. Treasury will issue waivers allowing the export of Iranian crude oil, petroleum products and derivatives, along with all associated banking, insurance and transportation services.
The U.S. commits to making fully available all frozen or restricted Iranian funds and assets upon implementation of the MoU. Procedures for releasing these funds will be mutually agreed during negotiations, with the funds to be made usable for any beneficiary designated by Iran’s Central Bank.
Both sides agree to establish an executive mechanism to monitor successful implementation of the MoU and future compliance with the final deal.
After signing, and subject to the beginning of implementation of points 1, 4, 5, 10 and 11, both sides will begin negotiations on the remaining provisions of the final deal.
The final deal will be endorsed by a binding UN Security Council resolution.
