The United States has not released the full text of an interim agreement with the Islamic Republic of Iran intended to halt the current war and reopen the Strait of Hormuz. A draft copy of a 14-point memorandum lays out a high-level framework that would suspend hostilities, restore maritime traffic, and open a fixed period for negotiating a definitive settlement - while postponing resolution of some of the most technically and politically difficult issues, including the detailed handling of Iran's nuclear program.
The draft envisions a 60-day negotiation period - extendable if both sides agree - scheduled to begin in Switzerland on Friday. The document presents immediate operational steps that would go into effect upon signing, alongside procedural commitments that would be implemented as part of a final agreement.
Summary of the 14-point memorandum
- 1. Upon signing the memorandum, the Islamic Republic of Iran and the United States, together with their allies engaged in the present hostilities, would agree to an immediate and permanent cessation of war on all fronts, explicitly including Lebanon. Both parties would undertake not to initiate hostile actions against one another and to refrain from threats or uses of force; the draft states that a final agreement will confirm these provisions.
- 2. Both sides commit to respecting one another's sovereignty and territorial integrity and to refraining from interference in each other's internal affairs.
- 3. The memorandum sets a maximum period of 60 days to negotiate and reach a final agreement, with the possibility of extension by mutual consent.
- 4. Immediately on signing, the United States would lift the naval blockade and cease any interference or obstruction against Iran, with maritime traffic to be restored to full capacity within 30 days and proportional to Iran’s pre-war volume of traffic. The United States would also withdraw its forces from surrounding areas within 30 days after the final agreement.
- 5. Iran would, upon signature, take immediate measures to ensure merchant ship movements between the Persian Gulf and the Sea of Oman return to pre-war levels within 30 days, accounting for necessary removal of technical obstacles and the neutralization of mines by Iran.
- 6. The United States, together with regional partners, would commit to a comprehensive plan for Iran's rehabilitation and economic development, with financing of at least $300 billion. The implementation mechanism for this plan would be developed as part of the final agreement within 60 days.
- 7. The United States pledges to end, on a schedule to be agreed as part of the final agreement, all categories of sanctions currently applied to Iran, including UN Security Council and IAEA Board of Governors resolutions as well as all unilateral U.S. sanctions, both primary and secondary.
- 8. Iran reiterates that it will never build nuclear weapons. The parties agree that the treatment of enriched material and other mutually agreed nuclear-related matters, including Iran’s legitimate nuclear needs, will be addressed in the final agreement; the final accord will confirm this article.
- 9. Pending the final agreement, both sides agree to maintain the status quo: Iran will keep its nuclear program at its current posture, and the United States will not impose new sanctions on Iran or increase its forces in the region.
- 10. Immediately after signing and until sanctions are lifted, the United States Treasury would issue waivers allowing exports of Iranian crude oil, petrochemical products and derivatives, and related services including banking, insurance, and transportation.
- 11. As negotiations progress, frozen or restricted Iranian funds and assets would be released and made fully available. These funds, whether in a master account or transferred, would be used for payments determined by Iran's central bank and would be available for use; the United States would issue the necessary permits and licenses.
- 12. The parties agree to establish an implementation mechanism to oversee the execution of and adherence to the final agreement.
- 13. After signing this memorandum - and upon receiving assurances and observing the commencement and continued implementation of Articles 4, 5, 10, and 11 - Iran and the United States will negotiate a final agreement that addresses only the remaining articles.
- 14. The draft states that the final agreement will be approved through a binding resolution of the UN Security Council.
Context and operational implications
The draft is structured to produce immediate, verifiable steps that would reduce kinetic confrontation and re-open key maritime routes while creating a bounded timeframe for work on more complex issues that the memorandum expressly defers to a final treaty. The combination of near-term operational commitments - lifting a blockade, clearing impediments to shipping, and issuing export waivers - with a parallel pledge of large-scale financing for reconstruction signals an attempt to align security measures with economic incentives.
What remains to be settled in the final agreement
Several substantive and technical matters are explicitly deferred. The memorandum does not set out the details for winding down Iran’s nuclear program, the disposition of enriched material, or the precise sequencing and timing of sanction relief beyond the initial waivers and the pledge to end sanctions on an agreed schedule. Those topics are to be resolved within the 60-day negotiation window, with the final package requiring approval at the UN Security Council.
Key points
- The memorandum outlines an immediate halt to hostilities and measures to restore maritime traffic in the Strait of Hormuz - sectors impacted include shipping and energy transport.
- The agreement contemplates significant economic measures - a pledged financing commitment of at least $300 billion and export waivers for oil and petrochemicals - which would affect energy markets and international banking and insurance services.
- Core technical nuclear issues and the complete sanction-lifting timetable are deferred to a final agreement to be negotiated within 60 days and approved by the UN Security Council - this affects regulatory, diplomatic, and non-proliferation oversight bodies.
Risks and uncertainties
- Implementation risk - numerous provisions hinge on reciprocal, verifiable actions (for example, naval withdrawal, mine neutralization, and release of frozen assets), and their effective execution is not guaranteed.
- Negotiation risk - the memorandum defers complex nuclear and sanction sequencing questions to a 60-day negotiating period that may require extensions or fail to resolve outstanding technical disputes.
- Approval risk - the final agreement, as stated in the draft, must be adopted via a binding UN Security Council resolution, introducing dependency on multilateral diplomatic dynamics.
The draft memorandum sets a pathway for immediate de-escalation and a concentrated negotiating timeline, while leaving unresolved the detailed arrangements that will determine the shape of a permanent settlement. The document links operational steps to economic measures and international oversight mechanisms, delegating the most sensitive technical issues to the final agreement to be reached within the specified negotiation period.