Iran is set to receive sanctions relief for the sale of its oil and related petroleum products as part of a memorandum of understanding with the US that could also unlock $300bn for the redevelopment of the Islamic Republic, according to a text of the agreement circulating in US media.
The details have been reported by several media outlets, but Bloomberg obtained a full draft of the memorandum which appears to usher in sweeping gains for Iran without addressing key US war objectives.
For example, the memorandum cited by Bloomberg does not address the fate of Iran’s enriched uranium, long considered a sticking point in negotiations.
Nor does it mention Iran’s conventional military forces, like its ballistic missile arsenal, which Trump entered the war calling a threat to the US.
The memorandum also says that the ceasefire includes “all fronts, including in Lebanon”, reaffirming a key Iranian demand that is sure to anger US ally Israel.
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Below is a summary of the 14 points in the memorandum signed digitally by the US and Iran on Sunday, according to Bloomberg.
A final signing ceremony is expected to take place on Friday in Switzerland. Middle East Eye could not independently verify all the points in the list.
- The US and Iran, along with their allies, agree to “an immediate and permanent end to the war on all fronts”.
- The second clause contains a joint commitment to respect for sovereignty and territorial integrity.
- Iran and the US agree to negotiate a final peace deal over the next 60 days and extend the current ceasefire if needed.
- The US agreed to lift its naval blockade in the Strait of Hormuz. This section also contains a mention of withdrawing “its [US] forces” from “surrounding areas” within 30 days of the final agreement. It is not clear where the geographic boundaries are.
- Iran agrees to lift its blockade of the Strait of Hormuz and remove any obstacles.
- The US agrees to “ensure financing of at least $300 billion” for the “rehabilitation and economic development” of Iran. This sum is part of a final agreement that will be implemented within 60 days.
- The US commits to a phased lifting of all sanctions on Iran, including “resolutions of the United Nations Security Council and the Board of Governors of the International Atomic Energy Agency (IAEA), and all unilateral US sanctions, both primary and secondary”. No timeline is given for this process.
- Iran reiterates that it will not produce a nuclear weapon. This section also says the fate of Iran’s enriched uranium and wider nuclear programme will be addressed in a final agreement. It is notable that the ceasefire does not include an immediate demand for Iran not to enrich uranium.
- Iran promises not to develop its nuclear programme in the next 60 days. “Iran will maintain the status quo on its nuclear program, and the US will not impose new sanctions on Iran or strengthen its forces in the region,” the text adds.
- The US agrees to issue sanctions waivers for the sale of Iranian oil and petroleum products. The text adds that “All related services, including banking, insurance, transportation, and the like” are included in the waiver.
- Iran will obtain access to its frozen funds based on the “progress” of negotiations in the next 60 days.
- An implementation mechanism will be established to oversee any final agreement.
- The US and Iran will continue the framework for negotiating the final agreement following “commencement of implementation of Articles 4, 5, 10, and 11”.
- The final peace deal will be approved by a binding United Nations Security Council resolution.
