Saudi Report Details Alleged U.S.-Iran Understanding Ahead of Formal Signing in Switzerland

Saudi broadcaster Al Arabiya said on Tuesday evening that it had obtained the full text of a memorandum of understanding between Iran and the United States, describing terms that are expected to be formally signed in Switzerland on Friday. According to the report, the agreement would declare an immediate and permanent end to fighting on all fronts, including Lebanon, and commit both sides and their allies to refrain from any hostile action or threats of force against one another.

The alleged text says Tehran and Washington would negotiate a final deal within 60 days, with the deadline extendable by mutual consent. It also says the United States would lift the naval blockade on Iranian ports within 30 days of signing, while Iran would end the closure of the Strait of Hormuz within 30 days. The report adds that the U.S. would withdraw all forces from “areas surrounding Iran” within a month after a final agreement is reached.

The memorandum also reportedly includes a plan, to be agreed by both sides, for Iran’s reconstruction and economic development, with financing of at least $300 billion. The implementation mechanism for that plan would be worked out within 60 days. On sanctions, the text says the U.S. would remove all current sanctions on Iran if the final agreement is implemented, including UN Security Council measures, International Atomic Energy Agency Board of Governors decisions, and all U.S. primary and secondary sanctions.

In exchange, the memorandum states that the Islamic Republic of Iran reiterates it will never produce nuclear weapons. It also says the fate of enriched material and all other nuclear issues, including Iran’s nuclear needs, will be settled in the final deal. Until that deal is reached, the U.S. would remain in the current status quo. The report also says, citing an earlier Wall Street Journal disclosure, that Washington would immediately grant a sanctions waiver for Iranian oil and fuel exports and sales, later unfreeze all Iranian funds and assets. The final agreement would be enforced by a mechanism and approved by a binding UN Security Council resolution.