US President Donald Trump and Iran’s Masoud Pezeshkian on Thursday signed an initial deal to end the war.
As part of the 14-point memo, both sides commit to further talks to reach a final agreement over the next 60 days – “extendable with mutual consent”, the deal says.
It also includes reopening the Strait of Hormuz, a $300bn (£224bn) plan for Iran’s “reconstruction”, and the US terminating “all types of sanctions” on Iran.
However, key questions around Iran’s nuclear programme are being left to the next stage of negotiations.
Trump, who has warned Iran to stick to the terms of the deal, was filmed signing a hard copy on Wednesday at a dinner hosted by French President Emmanuel Macron.
An official signing ceremony, with US and Iranian representatives, had been scheduled to take place in Switzerland on Friday.
The US-Iran agreement to extend the ceasefire centres around these 14 core points:
- “The immediate and permanent termination of military operations on all fronts, including in Lebanon”
- US and Iran to “respect each other’s sovereignty and territorial integrity and to refrain from interfering in each other’s internal affairs”
- They “commit to negotiating and achieving the final deal in maximum 60 days, extendable with mutual consent”
- Immediately, the US “will begin the removal of its naval blockade… and will fully end the naval blockade within 30 days”
- In the Strait of Hormuz, Iran “will make arrangements using its best efforts for the safe passage of commercial vessels with no charge, for 60 days”
- The US undertakes “with regional partners to develop a definitive, mutually agreed plan with at least USD$300 billion for the reconstruction and economic development of” Iran
- US to “terminate all types of sanctions against” Iran
- Iran “reaffirms that it shall not procure or develop nuclear weapons”, but other parts of the programme are still to be negotiated. The two parties “agreed to discuss the issue of enrichment and other mutually agreed matters related to the Islamic Republic of Iran’s nuclear needs”
- Pending the final deal, the US and Iran “agree to maintain the status quo”
- Upon signing, and until the termination of sanctions, US Treasury will “issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services”
- US undertakes “to make fully available for use the frozen or restricted funds and assets” of Iran
- “An executive mechanism will be established to monitor the successful implementation” of this memorandum
- After signing – subject to implementation of points 1, 4, 5, 10 and 11 – the US and Iran “will start negotiations regarding the final deal exclusively on the other paragraphs”
- “The final deal will be endorsed by a binding UNSC (United Nations Security Council) resolution”
