White House outlines draft understanding with Iran, including sanctions relief and nuclear limits

A senior White House official on Wednesday night outlined the terms of a memorandum of understanding with Iran that would end the war on all fronts, including in Lebanon. The framework, presented by Vice President Vance, says both sides would pledge not to use force and to respect the sovereignty and territorial integrity of every country. The official added, "The parties can withdraw before signing."

Under the draft, the United States would lift its naval blockade on Iran within 30 days, launch an economic reconstruction and development plan worth at least $300 billion, and remove all American and international sanctions on Tehran. It would also immediately authorize exports of crude oil and oil products and unfreeze Iranian assets and funds.

In return, Iran would guarantee free and safe passage for ships through the Strait of Hormuz without fees and carry out mine-clearing operations within a month. On the nuclear issue, Iran said it will not acquire or develop nuclear weapons, and the sides agreed on a mechanism to dilute enriched material under International Atomic Energy Agency supervision.

Until a final agreement is completed, the status quo will remain in place, meaning Iran will not alter the nature of its nuclear activity and the United States will not impose new sanctions. The two sides committed to finish negotiations on a final, binding deal within 60 days, and the agreement would take official effect through a UN Security Council resolution. A dedicated monitoring mechanism will be created to enforce both sides' commitments.