Transcript of Deal Between The US and Iran

Senior US officials read the memorandum of understanding with Iran to reporters on Wednesday, after days of secrecy about what was in the document.

The officials spoke on condition of anonymity to read the agreement before the official signing ceremony on Friday. Iranian state television later broadcast a text that largely followed what the US said.

Pakistani Prime Minister Shehbaz Sharif, whose country mediated between the parties, later said that US and Iranian leaders had signed the agreement and that the agreement “will enter into force immediately”.

Here’s what’s in the deal:

1. By signing this Memorandum of Understanding, the United States of America and the Islamic Republic of Iran and its allies in the current war declare the immediate and permanent cessation of military operations on all fronts, including Lebanon, and undertake not to initiate any war or military operations against each other and to refrain from threats or use of force against each other and to ensure the territorial integrity and sovereignty of Lebanon. The final agreement will confirm the permanent cessation of the war on all fronts, including Lebanon, and the other provisions of this paragraph.

2. The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity and not to interfere in each other’s internal affairs.

3. The United States of America and the Islamic Republic of Iran undertake to negotiate and conclude a final agreement within a maximum of 60 days, which may be extended by mutual consent.

4. Upon signature of this Memorandum of Understanding, the United States will begin to lift the naval blockade and any inconvenience or obstruction to the Islamic Republic of Iran and will completely lift the naval blockade within 30 days. Ship traffic during this period will be proportional to the number of pre-war traffic restored by the Islamic Republic of Iran. The United States also commits to withdrawing its forces from the vicinity of the Islamic Republic of Iran within 30 days of the final agreement.

5. Upon the signing of this Memorandum of Understanding, the Islamic Republic of Iran will make arrangements using its best efforts to ensure the safe passage of commercial ships only from the Persian Gulf to the Arabian Sea and from the Oman Sea to the Persian Gulf for 60 days. Commercial ship traffic will begin immediately and will be activated within 30 days, taking into account the needs of the Islamic Republic of Iran to remove technical and military obstacles and clear mines. The Islamic Republic of Iran will conduct a dialogue with the Sultanate of Oman to determine the future administration and maritime services of the Strait of Hormuz, and will negotiate with other Persian Gulf littoral states in accordance with applicable international law and the sovereign rights of the coastal states of the Strait of Hormuz.

6. The United States, together with its regional partners, undertakes to develop a definitive, mutually agreed upon plan for the reconstruction and economic development of the Islamic Republic of Iran of at least US$300 billion. The mechanism for the implementation of this plan will be finalized within the scope of the final agreement within 60 days. All licenses, waivers and permits required for relevant financial transactions will be granted by the United States.

7. The United States commits to end all sanctions against the Islamic Republic of Iran, including United Nations Security Council resolutions, IAEA Board resolutions, and all unilateral primary and secondary U.S. sanctions, within a program agreed upon as part of the final agreement. The Islamic Republic of Iran and the United States of America recognize the critical importance of the issue of ending the aforementioned sanctions and express their intention to immediately address these issues in negotiations with a view to reaching mutual agreement on these issues.

8. The Islamic Republic of Iran reaffirms that it will not procure or develop nuclear weapons. The United States of America and the Islamic Republic of Iran have agreed that the stockpile enriched material will be dissolved pursuant to a mutually agreed upon mechanism in accordance with the schedule set forth in Paragraph 7, with a minimum methodology for on-site reduction under the supervision of the International Atomic Energy Agency. The two sides also agreed to discuss the enrichment issue and other mutually agreed issues regarding the nuclear needs of the Islamic Republic of Iran, based on a satisfactory framework agreed upon in the final agreement. The final agreement shall confirm the provisions of this paragraph. The United States of America and the Islamic Republic of Iran recognize the critical importance of the above-mentioned nuclear issues and express their intention to promptly address these issues in negotiations with a view to reaching mutual agreement on these issues.

9. The United States and the Islamic Republic of Iran agreed to maintain the status quo until a final agreement is reached. The Islamic Republic will maintain the status quo of its nuclear program, and the United States will not impose new sanctions or deploy additional forces to the region.

10. Immediately after the signing of this Memorandum of Understanding and until the expiration of sanctions, the United States of America will authorize the U.S. Department of the Treasury to regulate the export of Iranian crude oil, petroleum products and derivatives, as well as banking transactions, insurance, transportation, etc. undertakes to issue disclaimers for all relevant services, including

11. The United States of America undertakes to make fully available the frozen or restricted funds and assets of the Islamic Republic of Iran upon the entry into force of this Memorandum of Understanding. The United States and the Islamic Republic of Iran will mutually agree on procedures for the release of these funds during the negotiations. Such funds, whether held in the principal account or transferred, shall be made fully available for payment to any ultimate beneficiary designated by the Central Bank of the Islamic Republic of Iran. The United States undertakes to grant all necessary licenses and authorizations accordingly.

12. The United States of America and the Islamic Republic of Iran agree to establish an enforcement mechanism to monitor the successful implementation of this Memorandum of Understanding and future compliance with the final agreement.

13. After the signature of this Memorandum of Understanding and provided that the implementation of paragraphs 1, 4, 5, 10 and 11 of this Memorandum of Understanding has begun and the implementation of these measures continues, the United States of America and the Islamic Republic of Iran will begin negotiations on a final agreement regarding the other paragraphs only.

14. The final agreement will be approved by a binding UNSC decision.