A draft memorandum of understanding between the United States and Iran surfaced on June 14, covering oil sanctions waivers, nuclear limits, and the release of $25 billion in frozen Iranian assets, as President Trump and Tehran clashed over the signing timeline.
According to a senior Iranian official, the draft agreement includes immediate reopening of the Strait of Hormuz to all commercial vessels, with the U.S. lifting its naval blockade on Iranian ports beginning immediately and completing the lift within 30 days, according to Reuters. The agreement also calls for the U.S. to waive oil sanctions on Iran for a specified period, allowing Tehran to sell oil and receive revenue.
On the nuclear front, Iran would agree that it will neither produce nor acquire nuclear weapons and maintain the current status of its nuclear program, refraining from further uranium enrichment and expansion of nuclear facilities pending a final agreement. Critically, Iran’s nuclear program terms, uranium enrichment activities, and mechanisms for handling its stockpile of highly enriched uranium would be negotiated within 60 days of the memorandum and addressed in a final agreement.
Signing Timeline Dispute Emerges
President Trump announced on Saturday that the deal would be signed on Sunday, his 80th birthday. However, Iran’s Islamic Revolutionary Guard Corps pushed back against the timeline, and Iran’s Foreign Ministry cautioned that the signing could take longer, according to reporting from CNN and The New York Times.
Tehran has disputed the timeline but said the signing could happen in the “coming days,” according to Al Jazeera. The disagreement reflects ongoing tensions as mediators, including Pakistan and Qatar, work to finalize details. A White House official stated that sanctions relief would be “performance-based,” meaning Iran would need to take specific steps before any funds are released, according to The Times of Israel.
The financial provisions are substantial. The U.S. agrees to release $25 billion of Iran’s frozen assets through direct cash transfers, cooperation among regional countries, and financial credit lines. Washington, in coordination with its regional allies, would also prepare a reconstruction and development plan for Iran to be negotiated and agreed within 60 days.
The memorandum also stipulates that the U.S. will not impose new sanctions on Iran until a final deal is reached, and that following a final agreement, all U.S. and U.N. sanctions on Iran would be lifted according to an agreed timetable. The agreement emerged after months of negotiations brokered by Pakistan and other mediators following a three-month conflict between the U.S. and Iran.
Sources
- Reuters — Full text of Iran’s draft deal terms, including Strait of Hormuz reopening, sanctions relief, frozen asset release, and nuclear limits
- CNN — Iran’s IRGC pushback on Trump’s Sunday signing announcement and timeline dispute
- The New York Times — Iran’s Foreign Ministry caution on signing timeline versus Trump’s announcement
- Al Jazeera — Iran’s statement that signing could occur in “coming days” and disputed timeline
- The Times of Israel — U.S. statement that sanctions relief is “performance-based”
