14-point “Memorandum of Understanding between the United States of America and the Islamic Republic of Iran” was signed virtually by the US President and Iranian President.
- US President signed the document at Palace of Versailles where The Treaty of Versailles (1919) was signed between Germany and the Allied Powers after 1st World War.
Key Highlights of Agreement
- Permanent Ceasefire: Immediate and lasting end to military operations on all fronts, including Lebanon.
- Respect for 'internal affairs': US and Iran will respect each other’s territorial integrity and avoid interference in internal affairs.
- 60-Day Negotiation Window: A final agreement is to be negotiated within 60 days, extendable by mutual consent.
- End of Blockade: The US will gradually lift its naval blockade and restrictions on Iranian ports within 30 days.
- Strait of Hormuz Reopened: Iran will facilitate free and safe commercial navigation through the Strait.
- Reconstruction Plan: A minimum $300 billion economic development and reconstruction framework for Iran.
- Sanctions Relief: The US commits to ending economic sanctions, including those included in UN Security Council resolutions, under a mutually agreed timeline and Release of Frozen Assets.
- No Nuclear Weapons: Iran agrees not to develop or acquire nuclear weapons.
- Both sides have agreed to deal with the enriched uranium Tehran already has through a mutually agreed upon mechanism under the supervision of the IAEA.
- Issuance of Waivers: For the export of Iranian crude oil, petroleum products and derivatives and all associated services including banking, transactions, insurances, transportation, etc.
- Monitoring & UN Backing: Final deal to be endorsed by a binding UN Security Council resolution.
