Trump administration officials on Wednesday released what is said to be the official text of the “Islamabad Memorandum of Understanding, highlighting 14 points which spell out provisions for the agreement.
A diplomat who saw it at the G7 summit in France this week confirmed its contents, as did two other diplomatic sources with knowledge of negotiations.
According to reports, the agreement was signed digitally by President Donald Trump, Vice President JD Vance and Iranian parliamentary speaker Mohammad Bagher Ghalibaf on Sunday, though officials are calling it a political document that doesn’t reflect critical back-channel commitments. The Iranian news agency Tasnim described the leaked version of the draft as inaccurate.
A senior US administration official read the memorandum spelling out the provisions which included the reopening the Strait of Hormuz, easing certain financial restrictions on Iran and expectations concerning Iran’s nuclear program. The final agreement is to be negotiated and finalized in a maximum of 60 days, which may be extended with mutual consent.
Upon signing of the memorandum, the U.S will begin removing its naval blockade and any disturbances or impediments completely within 30 days of the final deal and Iran will make arrangements for commercial vessels to freely pass through the Persian Gulf to the Sea of Oman. 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 littoral states in line with the applicable international law and the sovereign rights of coastal states of the Strait of Hormuz.
The U.S. and regional partners will develop a plan with at least USD $300 billion for reconstruction and economic development of Iran within 60 days of the final deal, with all required licenses, waivers and permissions needed for the relevant financial transactions will be granted by the U. S. The U.S. will also terminate all types of sanctions against Iran.
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.
Iran will reaffirm that it will not procure or develop nuclear weapons and will agree to resolve the disposition of any enriched material under the supervision of the IAEA and discuss any nuclear needs the country may have.
Pending the final deal, the U. S. and Iran both agree to maintain the status quo and is to be endorsed by a binding UNSC resolution.