The Memorandum of Cooperation between the United States and Iran.

Among other things, it calls for the immediate cessation of military operations, the reopening of the Strait of Hormuz, the lifting of all U.S. sanctions, and the creation of a $300 billion fund for the reconstruction and economic development of the Islamic Republic.

According to the BBC, a meeting took place during which the U.S. side presented the key terms of the 14-point agreement. According to the report, the text of the agreement sets the framework for ending the crisis and establishing a new relationship between the two countries.

According to the text, it provides for the “immediate and permanent cessation of military operations on all fronts, including Lebanon.” This reference extends the scope of the agreement beyond the immediate confrontation between Washington and Tehran, incorporating the Lebanese dimension of the regional crisis.

The agreement also sets a clear timeline for reaching a final settlement. The United States and the Islamic Republic of Iran commit to negotiating and reaching a final agreement within a maximum period of 60 days, with the possibility of an extension only by mutual consent of both sides.

The full text of the agreement

The United States of America and the Islamic Republic of Iran have jointly agreed in good faith to the following:

1. The United States of America and the Islamic Republic of Iran, along with their allies in the current war, sign this Memorandum of Understanding to declare the immediate and definitive end to military operations on all fronts, including Lebanon, and undertake, from this moment forward, not to initiate any war or military operation against one another and to refrain from the threat or use of force against one another, and to ensure the territorial integrity and sovereignty of Lebanon. The final agreement will confirm the definitive end of the war on all fronts, including Lebanon, and other provisions of this paragraph.

2. The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity and to refrain from any interference in theinternal affairs of the other.

3. The United States of America and the Islamic Republic of Iran commit to negotiating and reaching a final agreement within a maximum period of 60 days, with the possibility of extension by mutual consent.

4. Immediately following the signing of this Memorandum of Understanding, the United States of America will begin lifting its naval blockade and any disruptions or obstacles against the Islamic Republic of Iran and will completely end theembargo within 30 days. During this period, ship traffic will be commensurate with the level of pre-war traffic restored by the Islamic Republic of Iran. The United States of America further undertakes to withdraw its forces from the territory of the Islamic Republic of Iran within 30 days of the final agreement.

5. Upon signing this Memorandum of Cooperation, the Islamic Republic of Iran shall make arrangements, using all possible means, to ensure the safe passage of commercial vessels free of charge, for 60 days only, from the Persian Gulf to the Sea of Oman and vice versa. The passage of merchant ships will begin immediately, and, subject to an assessment of the need to remove technical and military obstacles and to clear mines by the Islamic Republic of Iran, will commence within 30 days. The Islamic Republic of Iran will engage in dialogue with the Sultanate of Oman to determine the future administration and maritime services in the Strait of Hormuz, in consultation with other Gulf coastal states, in accordance with applicable international law and the sovereign rights of the coastal states of the Strait of Hormuz.

6. The United States of America commits, together with its regional partners, to develop a definitive, mutually agreed plan worth at least 300 billion U.S. dollars for the reconstruction and economic development of the Islamic Republic of Iran. The mechanism for implementing this plan will be finalized as part of a final agreement within 60 days. All necessary licenses, waivers, and authorizations required for the relevant financial transactions will be granted by the United States of America.

7. The United States of America undertakes to lift all sanctions against the Islamic Republic of Iran, including United Nations Security Council resolutions,

resolutions of the IAEA Board of Governors, all U.S. unilateral sanctions, both primary and secondary, according to an agreed-upon timeline as part of the final agreement. The Islamic Republic of Iran and the United States of America recognize the critical importance of the issue of the lifting of sanctions referred to above and have expressed their intention to address these issues immediately in the negotiations in order to reach a mutual agreement on them.

8. 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 disposition of enriched material stocks in accordance with a mutually agreed mechanism, in accordance with the timelineset forth in paragraph seven, with the minimum methodology being on-site blending under IAEA supervision. The two parties also agreed to discuss the issue of enrichment and other mutually agreed-upon issues related to the nuclear needs of the Islamic Republic of Iran, based on a satisfactory framework to be agreed upon in the final agreement. The final agreement will reaffirm the provisions of this paragraph, and the Islamic Republic of Iran recognizes the critical importance of the nuclear issues referred to in the above missions. They express their intention to address these issues directly in the negotiations in order to reach a mutual agreement on them.

9. 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 program, and the United States of America will not impose new sanctions or deploy additional forcesin the region.

10. The United States of America undertakes that, immediately upon the signing of this Memorandum of Cooperation and until the expiration of the sanctions, the U.S. Department of the Treasury will issue waivers for the export of Iranian crude oil, petroleum products and derivatives, as well as all related services, including banking transactions, insurance, transportation, etc.

11. The United States of America undertakes to make the frozen or restricted funds and assets of the Islamic Republic of Iran fully available for use in the implementation of this Memorandum of Cooperation. The United States of America and the Islamic Republic of Iran shall mutually agree on the procedures related to the release of these funds during the negotiations. These funds, whether received as an initial deposit or transferred, will become fully available for payment to any final beneficiary designated by the Central Bank, excuse me, a final beneficiary designated by the Central Bank of the Islamic Republic of Iran. The United States of America undertakes to issue all necessary licenses and authorizations accordingly.

12. The United States of America and the Islamic Republic of Iran agree that an implementation mechanism will be established to monitor the successful implementation of this Memorandum of Cooperation and future compliance with the final agreement.

13. Following the signing of this Memorandum of Cooperation and subject to the entry into force of paragraphs 1, 4, 5, 10, and 11 of this Memorandum of Cooperation and the continued implementation of these measures, the United States of America and the Islamic Republic of Iran will begin negotiations on the final agreement exclusively regarding the remaining paragraphs.

14. The final agreement will be ratified by a binding resolution of the UN Security Council.