Bloomberg published the full text of the emerging memorandum of understanding between the United States and Iran on Tuesday, saying it contains no major changes from details that leaked in recent days. The document lays out 14 commitments, including an immediate and permanent end to hostilities on all fronts, “including Lebanon,” and a pledge by both sides to avoid any hostile act, threat or use of force against the other.
Under the draft, the two sides would work within 60 days to reach a final agreement, with the deadline extendable by mutual consent. The United States would lift its naval blockade on Iran, allow shipping to resume, and pull its forces back from surrounding areas within 30 days after the final deal is signed. Iran, for its part, would help restore shipping in the Persian Gulf and the Gulf of Oman and remove obstacles and mines.
A central clause concerns Iran’s economy. The draft says the United States and regional partners would prepare a recovery and development plan for Iran worth at least $300 billion, with an implementation mechanism to be set within 60 days. Washington would also work to remove all sanctions on Iran, including those imposed by the UN Security Council, the International Atomic Energy Agency’s Board of Governors, and unilateral US sanctions.
On nuclear issues, Iran reiterates that it will not produce nuclear weapons, but the handling of enriched material and other nuclear questions would be settled in the future final agreement. Until then, the current status of Iran’s nuclear program would remain in place, the United States would not impose new sanctions or increase its military presence in the region, and the Treasury Department would issue waivers to enable exports of Iranian crude oil, petrochemical products and related services. The draft also says the US would help release frozen Iranian assets and funds. After guarantees on key provisions are given, the sides would continue negotiations on remaining issues, with the final deal expected to be endorsed by a binding UN Security Council resolution.
