Key facts
- US and Iran signed a 14-point "Islamabad Memorandum of Understanding" to end military operations and reopen the Strait of Hormuz.
- The agreement includes an immediate and permanent end to military operations on all fronts.
- The US will remove its naval blockade within 30 days and unfreeze Iranian funds.
- Iran will provide 60 days of free passage for commercial vessels through the Strait of Hormuz.
- A 60-day negotiation period will commence to finalize a broader deal, including Iran's nuclear program and sanctions relief.
- The US will work with regional partners on a reconstruction plan for Iran, potentially worth at least $300 billion.
The United States and Iran have signed a 14-point Memorandum of Understanding (MOU) aimed at ending hostilities and reopening the Strait of Hormuz. The agreement, titled the "Islamabad Memorandum of Understanding," marks a significant de-escalation in regional tensions and paves the way for further negotiations.
The MOU includes the declaration of an "immediate and permanent" end to military operations "on all fronts," including in Lebanon. The US will remove its naval blockade within 30 days and commit to unfreezing Iranian assets. Iran will ensure safe passage for commercial vessels through the Strait of Hormuz for 60 days without charge.
A 60-day negotiation period will commence to finalize a broader deal, which will include Iran's nuclear program and sanctions relief. The US also committed to working with regional partners on a reconstruction plan for Iran, potentially worth at least $300 billion.
Tehran reaffirmed its commitment not to procure or develop nuclear weapons, and the two countries agreed to resolve the disposition of stockpiled enriched nuclear material under IAEA supervision. The US Treasury Department will issue sanctions waivers for Iranian oil exports and associated services.