The agreement between Iran and the United States includes a ceasefire between the archrivals, the reopening of the Strait of Hormuz, economic relief for Iran, and Tehran’s repeated condition that Iran never build nuclear weapons, according to a copy of the document obtained by CNN.
The 14-point memorandum has not yet been formally announced, but CNN obtained a copy of it from a U.S. official. A diplomat who saw the document at the G7 summit in France this week confirmed its contents, as did two other diplomatic sources familiar with the negotiations.
Under the agreement, the United States will allow Iran to sell oil and petrochemical products, and Iran could tap $300 billion in development funds if it fulfills commitments related to its nuclear program in future negotiations. The document does not include details about what will happen to Iran’s highly enriched uranium.
U.S. officials told CNN that the document reflects an agreement signed digitally on Sunday by President Donald Trump, Vice President J.D. Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf. However, given the secrecy of both the US and Iran regarding the language, it remains unclear whether the draft shared with CNN reflects the exact wording of the final document, which is scheduled to be signed in person in Switzerland on Friday. Technical details are still being finalized, so the wording is subject to change.
Speaking to CNN, U.S. officials downplayed the significance of the memo itself, calling it a “political document” that does not reflect important backchannel commitments Iran has made to the United States, particularly regarding the future of Iran’s nuclear program. The White House did not respond to a request for comment on the draft version obtained by CNN. The semi-official Iranian news agency Tasnim said a leaked version of the draft was inaccurate. Bloomberg published a draft version earlier.
The memorandum of understanding is expected to be formally signed on Friday, beginning a 60-day period to negotiate the terms of the final agreement.
The full text is below.
1 — In signing this Memorandum of Understanding, the Islamic Republic of Iran and the United States, together with our allies in the current war, declare an immediate and permanent end to the war on all fronts, including Lebanon, and pledge to refrain from any future acts of hostility toward each other and to refrain from the threat or use of force against each other. The final agreement confirms the provisions of this Section and the remaining provisions.
2 — The Islamic Republic of Iran and the United States commit to respecting each other’s sovereignty and territorial integrity and refraining from interfering in each other’s internal affairs.
3 — The Islamic Republic of Iran and the United States commit to negotiating and reaching a final agreement within up to 60 days, extendable by mutual consent.
4 — Upon signing this memorandum, the United States will lift the naval blockade, prevent any interference or obstruction of the Islamic Republic of Iran, and restore maximum traffic within up to 30 days. Vessel traffic shall be proportional to pre-war traffic on the Islamic Republic of Iran side. The United States also commits to withdrawing troops from the surrounding area within 30 days of a final agreement.
5 — After signing this memorandum, the Islamic Republic of Iran will immediately take measures to ensure that the movement of commercial ships from the Persian Gulf to the Sea of Oman and vice versa is resumed to pre-war quantities within 30 days, taking into account the need for the removal of technical obstacles and neutralization of mines by Iran.
6 — The United States commits to working with regional partners to develop a mutually agreed upon comprehensive plan for the reconstruction and economic development of the Islamic Republic of Iran, securing at least $300 billion in financing. The implementation mechanism for this plan will be developed within 60 days as part of the final agreement.
7 — The United States commits to ending all types of sanctions currently facing the Islamic Republic of Iran, including U.N. Security Council and International Atomic Energy Agency (IAEA) Board resolutions, and all U.S. unilateral sanctions, both primary and secondary, in accordance with a schedule agreed to as part of the final agreement.
8 — The Islamic Republic of Iran reiterates that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States agreed that the fate of enriched materials and all other mutually agreed upon nuclear-related issues, including Iran’s nuclear needs, will be appropriately addressed in the final agreement. The final agreement confirms 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 military capabilities in the region.
10 — The United States commits that from immediately after the signing of this memorandum until the date of sanctions lifting, the United States Treasury will exempt exports of Iranian crude oil, petrochemical products, and their derivatives, and all related services, including banking, insurance, transportation, etc.
11 — The United States commits that frozen or restricted funds and assets of the Islamic Republic of Iran will be released and made fully available in light of progress in negotiations toward a final agreement. These funds, whether held in the master account or transferred, will be used for payment to the ultimate beneficiary determined by the Central Bank of the Islamic Republic of Iran and will be made fully available. The United States undertakes to issue all necessary permits and licenses hereunder.
12 — The Islamic Republic of Iran and the United States agree that an implementation mechanism will be established to oversee the successful implementation of the final agreement and future commitments.
13 — After the signing of this Memorandum of Understanding, the commencement of the implementation of Articles 4, 5, 10 and 11 of this Memorandum, and after receiving assurances regarding the continued implementation of these measures, the Islamic Republic of Iran and the United States will begin negotiations towards a final agreement only on the remaining provisions.
14 — The final agreement is approved through a binding resolution of the United Nations Security Council.
