The governments of the United States and Iran on the 17th announced the 14-point content of a memorandum of understanding, which includes conditions for the cessation of hostilities, reopening the Strait of Hormuz, granting financial assistance to Iran, as well as Iran reaffirming that it will never produce nuclear weapons. Once this memorandum of understanding is formally signed, a 60-day negotiation period will begin to agree upon the final terms of the agreement.
The full title of the memorandum is "Islamabad Memorandum of Understanding between the United States and Iran", and its contents are as follows:
1. Iran, the United States, and their allies in the current conflict, upon signing this memorandum of understanding, declare the immediate and permanent cessation of all hostilities on all fronts, including the Lebanon front, and commit not to undertake any hostile actions against each other in the future, nor threaten or use force against one another. The final agreement will confirm this provision and all other provisions set forth.
2. Iran and the United States commit to respecting each other's sovereignty and territorial integrity and to refrain from interfering in each other's internal affairs.
3. Iran and the United States commit to negotiate and reach a final agreement within a maximum of 60 days; if both parties agree, the period may be extended.
4. Upon signature of this memorandum, the United States will immediately lift the maritime blockade of Iran, refrain from any intervention or obstruction against Iran, and will fully restore navigation within 30 days at most; Iran's volume of vessel traffic should correspond to pre-war levels. The US also commits to withdraw troops from surrounding areas within 30 days after the final agreement is signed.
5. Upon signature of this memorandum, Iran will take immediate measures to ensure that commercial shipping between the Persian Gulf and the Gulf of Oman is restored to pre-war levels within 30 days, taking into account the removal of technical obstacles and the clearing of naval mines by Iran. Iran will hold talks with Oman to discuss the future management and maritime affairs of the Strait of Hormuz, in line with international law and the sovereignty of Gulf countries.
6. The United States commits, together with its regional partners, to develop a comprehensive plan for Iran's reconstruction and economic development agreed upon by both parties, and will ensure the provision of at least $300 billion (about 1.22 trillion ringgit) in funding. The implementation mechanism for this plan will be formulated within 60 days as part of the final agreement.
7. The United States commits to initiate the end of all forms of current sanctions faced by Iran, including UN Security Council and International Atomic Energy Agency Board of Governors resolutions, as well as all major and secondary sanctions unilaterally imposed by the US. The termination of the above sanctions is considered crucial by both parties, who express willingness to address them immediately.
8. Iran reaffirms it will never acquire or produce nuclear weapons. Iran and the United States have agreed that matters concerning the disposition of enriched materials and all other mutually agreed nuclear-related issues, including Iran's nuclear needs, will be fully addressed in the final agreement; the final agreement will confirm the content set forth in this clause.
9. Iran and the United States agree that prior to reaching a final agreement, both sides will maintain the status quo: Iran will maintain the current status of its nuclear program, and the United States will not impose new sanctions on Iran or increase military presence in the region.
10. The United States commits that, from the signing of this memorandum until the lifting of sanctions, for the export of Iranian crude oil, petrochemical products and their derivatives, as well as all related services including banking, insurance, and transportation, the US Treasury Department will issue waivers.
11. The United States commits that, in view of the progress of the final agreement negotiations, Iran's frozen or restricted funds and assets will be released and made fully accessible. These funds, whether held in main accounts or already transferred, may be paid to the final beneficiaries designated by Iran's central bank and accessed in full. The United States commits to issue all necessary licenses and permits on this basis.
12. Iran and the United States agree to establish an implementation mechanism to supervise the smooth execution of the final agreement and future commitments to the final agreement.
13. Upon signing of this memorandum, and upon receipt of assurances that the measures in sections 1, 4, 5, 10, and 11 of this memorandum have begun and are being continuously implemented, Iran and the United States will enter into negotiations for the final agreement on only the remaining provisions.
14. The final agreement will be approved by a binding resolution of the United Nations Security Council.