In brief
The full text of the 14-point memorandum of understanding was published on Thursday morning.
United States President Donald Trump has signed the document, a US official said.
The United States and Iran have released the full text of their memorandum of understanding, ending days of speculation over what the two countries had actually agreed to.
Titled the Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran, the 14-point agreement was shared by a senior US official and Iranian state media on Thursday morning.
US President Donald Trump has signed a deal with Iran to end the war in the Middle East, a US official told Agence France-Presse on Thursday after US outlet Axios reported that the signing took place during a dinner with France's president.
The text of the agreement between the US and Iran has been officially signed by the presidents of both sides, Iran's state media reported early on Thursday, citing foreign ministry spokesperson Esmaeil Baghaei.
Short on detail, the agreement touches on Iran's nuclear program, sanctions relief, the war in Lebanon, and freedom of navigation through the Strait of Hormuz.
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It paves the way for a broader 60-day negotiation period for a final deal, with talks starting in Switzerland on Friday.
"The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days extendable with mutual consent," according to the memorandum.
Here is everything you need to know about the 14-point memorandum between the countries.
End of conflict on 'all fronts'
The first point of the agreement declares "the immediate and permanent termination of military operations on all fronts, including in Lebanon".
"The final deal will confirm the permanent termination of the war on all fronts, including in Lebanon, and other provisions of this paragraph," it said.
Lebanon has been a sticking point in the broader Middle East conflict. Last week, tensions escalated when Iran struck Israel in retaliation for Israeli strikes in Lebanon — attacks Iran said violated the ceasefire that took effect in April.
Talking to reporters at the close of the G7 summit in France, Trump expressed sympathy for Lebanon while criticising Israel, calling it a source of tension with Israeli Prime Minister Benjamin Netanyahu .
'Safe passage' in the Strait of Hormuz
According to the fifth point of the deal, with the signing of the memorandum, "Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa".
It also says Iran will start talks with Oman to "define the future administration and maritime services in the Strait of Hormuz".
Located between Iran and Oman, the Strait of Hormuz is an essential trade route that typically carries a fifth of the world's oil.
On the other hand, based on point four of the agreement, the US will fully end the naval blockade of Iran "within 30 days" and will "further undertake to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal".
Iran's nuclear questions
The eighth point of the agreement appears to be the main focus of discussions between the US and Iran over the next 60 days.
It says the Iranian government "reaffirms that it shall not procure or develop nuclear weapons", but it doesn't detail the method.
In regard to Iran's current uranium stockpile, the memorandum says the "minimum" methodology will be "downblending the stockpile under the supervision" of the International Atomic Energy Agency.
The countries have also agreed "to discuss the issue of enrichment" — Iran has previously insisted on keeping the country's enrichment capability, which the US is against.
A US$300 billion for the 'reconstruction' of Iran
Points six, seven, 10 and 11 of the memorandum are about the economic advantages for Iran.
Based on the agreement, as part of the "final deal", the US and regional partners will develop a US$300 billion ($427.5 billion) plan "for the reconstruction and economic development" of Iran.
On Tuesday, in a post on Truth Social, Trump said: "The story that the US is paying Iran 300 million Dollars is Fake News."
It also says the US will take action to make fully available for use "the frozen or restricted funds and assets" of Iran. Decades of international sanctions have left a huge part of Iran's assets frozen abroad.
With the "implementation" of the memorandum, the US and Iran "will mutually agree on the procedures related to the release of these funds during the negotiation".
It also says, "as a part of the final deal", the US will "terminate all types of sanctions against" Iran.
With the signing of the memorandum and until the terminati…
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