U.S.-Iran draft memorandum calls for sanctions relief and a $300 billion reconstruction plan

An American official on Wednesday evening released the full text of a draft memorandum of understanding that, according to the report, is set to be signed between the United States and Iran. The 14-section document outlines an immediate and permanent halt to military operations on all fronts, including Lebanon, and says the two sides, along with allies in the current war, will not initiate attacks, threaten force, or violate Lebanon’s territorial integrity and sovereignty.

The draft also says Washington and Tehran would respect each other’s sovereignty and refrain from interfering in internal affairs, while working toward a final agreement within 60 days, with a possible extension by mutual consent. Until then, Iran would keep the status quo of its nuclear program, and the United States would avoid new sanctions or additional troop deployments in the region.

On the economic side, the memorandum calls on the United States to begin lifting its naval blockade immediately and end it within 30 days, and to remove restrictions on Iranian shipping and all related obstacles. It also requires U.S. Treasury sanctions waivers for exports of Iranian crude oil, petroleum products, derivatives, banking, insurance and transport services, and says frozen or restricted Iranian funds and assets would be made fully usable under procedures to be agreed later.

The draft says the United States, together with regional partners, would help finance a jointly approved reconstruction and economic development plan for Iran worth at least $300 billion, with implementation details to be set in the final deal within 60 days. It also states that all sanctions, including U.N. Security Council resolutions, IAEA Board of Governors decisions, and U.S. primary and secondary sanctions, would be lifted on an agreed schedule. Iran reiterates that it will not obtain or develop nuclear weapons, and the two sides would address enriched material by a jointly agreed mechanism, with the minimum method being on-site dilution under IAEA supervision. The final agreement would be approved by a binding U.N. Security Council resolution.