WASHINGTON (AP) — After days of keeping the details under wraps, senior U.S. officials sat down with reporters Wednesday — including those from Townhall — and read aloud the draft memorandum of understanding reached with Iran. Speaking on the condition that their names not be used, the officials walked journalists through the document, which Iran has not publicly released.
Iran has floated the idea that the agreement could ultimately be signed by both presidents — Donald Trump and Masoud Pezeshkian. Such a ceremony would carry enormous historical weight, given that the two nations severed diplomatic ties in 1980 following the U.S. Embassy hostage crisis in Tehran. The memorandum itself is scheduled to be formally signed this Friday in Switzerland.
Below is a detailed breakdown of the 14-point draft agreement, as described by a senior official and quoted as closely as possible:
Point 1 — Ceasefire: Both the United States and the Islamic Republic of Iran, along with their respective allies in the current conflict, agree upon signing this memorandum to an immediate and permanent halt to military operations on all fronts, including in Lebanon. Both sides commit to not initiating any future war or military action against one another, and to refraining from threats or use of force. The agreement also affirms Lebanon’s territorial integrity and sovereignty. A final deal will confirm these terms.
Point 2 — Mutual Respect: Both nations pledge to honor each other’s sovereignty and territorial integrity and to stay out of each other’s internal affairs.
Point 3 — Timeline for Final Deal: The U.S. and Iran commit to negotiating and completing a final agreement within a maximum of 60 days, with the option to extend that window by mutual agreement.
Point 4 — Naval Blockade: Immediately upon signing, the United States will begin lifting its naval blockade and removing any other impediments affecting Iran. The blockade is to be fully lifted within 30 days. During that period, vessel traffic will be gradually restored to pre-war levels. The U.S. also agrees to withdraw its forces from the vicinity of Iran within 30 days after the final deal is reached.
Point 5 — Strait of Hormuz and Persian Gulf Passage: Iran will use its best efforts to ensure safe passage for commercial vessels through the Persian Gulf to the Sea of Oman — and back — at no charge, for 60 days. Commercial traffic is to resume promptly, while Iran works to remove technical and military obstacles, including de-mining efforts beginning within 30 days. Iran will also enter into discussions with the Sultanate of Oman and other Persian Gulf states regarding the future administration and maritime services in the Strait of Hormuz, consistent with international law and the sovereign rights of coastal nations.
Point 6 — Reconstruction Fund: The United States, working with regional partners, commits to developing a mutually agreed-upon reconstruction and economic development plan for Iran worth at least $300 billion. The details of how the plan will be carried out are to be finalized within 60 days as part of the final deal. All necessary financial licenses, waivers, and permissions will be granted by the U.S.
Point 7 — Sanctions Relief: The U.S. agrees to lift all categories of sanctions against Iran, including United Nations Security Council resolutions, IAEA Board of Governors resolutions, and all unilateral U.S. sanctions — both primary and secondary — according to a schedule to be set in the final deal.
Point 8 — Nuclear Commitments: Iran reaffirms that it will not pursue or develop nuclear weapons. Both countries have agreed to work out what happens to Iran’s existing stockpile of enriched material through a mutually agreed mechanism. At a minimum, the material would be down-blended on-site under IAEA supervision. The two sides also agreed to discuss enrichment levels and other nuclear-related matters within the framework of the final deal. Both governments acknowledge the urgency of resolving nuclear issues and express their intent to address them immediately in negotiations.
Point 9 — Status Quo in the Interim: Until a final deal is reached, both sides agree to maintain the current status quo. Iran will keep its nuclear program at its present state, and the U.S. will not impose new sanctions or deploy additional forces to the region.
Point 10 — Oil Export Waivers: Immediately upon signing, the U.S. Treasury Department will issue waivers allowing the export of Iranian crude oil, petroleum products, and related services — including banking, insurance, and transportation — until sanctions are fully lifted.
Point 11 — Frozen Assets: The U.S. commits to making Iran’s frozen or restricted funds and assets fully available for use upon implementation of the memorandum. Procedures for releasing those funds will be agreed upon during negotiations. The funds — wherever they are held — may be used for payments to any recipient designated by Iran’s Central Bank, and the U.S. will issue all necessary licenses and authorizations to make that happen.
Point 12 — Oversight Mechanism: Both countries agree to establish an executive body to monitor compliance with the memorandum and the eventual final deal.
Point 13 — Sequencing of Negotiations: Once the memorandum is signed and specific provisions — including those covering the ceasefire, naval blockade, Strait of Hormuz passage, oil waivers, and frozen assets — begin to be implemented, the two sides will then open negotiations exclusively focused on the remaining points of the final deal.
Point 14 — UN Endorsement: The final deal will be backed by a binding United Nations Security Council resolution.
