US-Iran agreement: the full text of the memorandum released by the US authorities

The United States of America and the Islamic Republic of Iran undertake to negotiate and reach a final agreement within a maximum of 60 days, which may be extended by mutual agreement.

Immediately following the signing of this Memorandum of Understanding, the United States of America shall begin lifting the naval blockade and any other obstacles or impediments against the Islamic Republic of Iran, bringing the naval blockade to an end within 30 days. During this period, maritime traffic shall be commensurate with the pre-war levels restored by the Islamic Republic of Iran. The United States of America further undertakes to withdraw its forces from the vicinity of the Islamic Republic of Iran within 30 days of the signing of the final agreement.

Upon the signing of this Memorandum of Understanding, the Islamic Republic of Iran shall make every effort to ensure the safe and unimpeded transit of commercial vessels, for a period of just 60 days, from the Persian Gulf to the Sea of Oman and vice versa. Commercial shipping will resume immediately and, taking into account the need for the Islamic Republic of Iran to remove technical and military obstacles and carry out mine-clearing operations, will be fully restored within 30 days. The Islamic Republic of Iran will enter into dialogue with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz, in collaboration with the other states bordering the Persian Gulf, in accordance with applicable international law and the sovereign rights of the coastal states of the Strait of Hormuz.

The United States of America undertakes, together with its regional partners, to draw up a definitive and mutually agreed plan, with a budget of at least 300 billion dollars, for the reconstruction and economic development of the Islamic Republic of Iran. The mechanism for implementing this plan will be set out in a final agreement within 60 days. All licences, exemptions and authorisations required for the relevant financial transactions will be granted by the United States of America.

The United States of America undertakes to lift all sanctions against the Islamic Republic of Iran, including the United Nations Security Council resolutions, resolutions of the IAEA Board of Governors and all unilateral US sanctions, both primary and secondary, in accordance with a timetable agreed as part of the final agreement. The Islamic Republic of Iran and the United States of America recognise the crucial importance of the issue of the lifting of the aforementioned sanctions and have expressed their intention to address these matters immediately in the negotiations with a view to reaching a mutual agreement.

The Islamic Republic of Iran reaffirms that it will neither acquire nor develop nuclear weapons. The United States of America and the Islamic Republic of Iran have agreed to resolve the issue of the disposal of enriched material held in stockpiles in accordance with a mechanism to be agreed upon by mutual consent, in accordance with the timetable referred to in paragraph 7, using the minimum on-site dilution methodology under the supervision of the IAEA. The two parties have also agreed to discuss the issue of enrichment and other mutually agreed matters relating to the Islamic Republic of Iran’s nuclear requirements, on the basis of a satisfactory framework to be agreed in the final agreement. The final agreement will confirm the provisions of this paragraph, and the Islamic Republic of Iran recognises the crucial importance of nuclear issues in relation to the missions. It expresses its intention to address these issues immediately in the negotiations with a view to reaching a mutually acceptable agreement.

Pending the final agreement, the United States of America and the Islamic Republic of Iran agree to maintain the status quo. The Islamic Republic of Iran will maintain the current status quo of its nuclear programme, and the United States of America will not impose new sanctions or deploy further forces in the region.

The United States of America undertakes to grant, immediately upon the signing of this Memorandum of Understanding and until the sanctions are lifted, waivers from the US Department of the Treasury for the export of Iranian crude oil, petroleum products and derivatives, as well as for all related services, including banking transactions, insurance, transport, etc.

The United States of America undertakes to make fully available the funds and assets of the Islamic Republic of Iran that have been frozen or restricted following the implementation of this Memorandum of Understanding. The United States of America and the Islamic Republic of Iran shall mutually agree on the procedures for the release of such funds during the negotiations. Such funds, whether drawn from the original account or transferred, shall be made fully available for payment to any final beneficiary designated by the Central Bank, or the final beneficiary designated by the Central Bank of the Islamic Republic of Iran. The United States of America undertakes to issue all necessary licences and authorisations.

The United States of America and the Islamic Republic of Iran agree to establish an executive mechanism to monitor the proper implementation of this Memorandum of Understanding and future compliance with the final agreement.

Following the signing of this Memorandum of Understanding, and subject to the commencement of the implementation of paragraphs 1, 4, 5, 10 and 11 of this Memorandum of Understanding, and provided that the implementation of those measures continues, the United States of America and the Islamic Republic of Iran shall commence negotiations on the final agreement relating exclusively to the other paragraphs.

The final agreement will be ratified by a binding resolution of the United Nations Security Council.