US releases official agreement with Iran. Read the 14-point text

By Alayna Treene, Kevin Liptak, Mostafa Salem, CNN

(CNN) — The United States on Wednesday released the official text of the memorandum of understanding reached over the weekend with Iran.

A senior US administration official read out the 14-point document, which spells out provisions for reopening the Strait of Hormuz, easing certain financial restrictions on Iran and sets out expectations for addressing Iran’s nuclear program during future technical talks.

Titled the “Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran,” the document was released after outcry that its text hadn’t been released publicly.

“This is fundamentally an agreement that allows us to open the Strait of Hormuz immediately, commit the Iranians to destroying the nuclear dust, and then gives us a dial where if the Iranians dial up their good behavior, we respond by dialing up the kind of economic and sanctions relief that can make them a more prosperous country,” the senior US official said.

The memorandum is due to be formally signed Friday, triggering a 60-day-window to negotiate the final terms of a deal. CNN had earlier reported on a draft agreement laying out the terms; the official text released by the US is similar, but with some language differences.

Below is the text in full:

The United States of America and the Islamic Republic of Iran have jointly agreed in good faith on [ __ date] on the following:

1 — The United States of America and the Islamic Republic of Iran and their allies in the current war are signing this MOU to declare the immediate and permanent termination of military operations on all fronts, including in Lebanon, and undertake from now on not to initiate any war or any military operation against each other, and to refrain from the threat or use of force against each other, and ensuring the territorial integrity and sovereignty of Lebanon. The final deal will confirm the permanent termination of the war on all fronts, including in 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 interfering in each other’s internal affairs.

3 — 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.

4 — immediately upon the signing of this MOU, the United States of America will begin the removal of its naval blockade and any disturbances or impediments against the Islamic Republic of Iran, and will fully end the naval blockade within 30 days. During this period, the traffic of vessels will be in proportion to the numbers of pre-war traffic being restored by the Islamic Republic of Iran. The United States of America further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal.

5 — Upon the signing of this MOU, the Islamic Republic of 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. The traffic of commercial vessels will immediately start, and considering the need for removing the technical and military obstacles and demining by the Islamic Republic of Iran will be instated within 30 days. The Islamic Republic of Iran will conduct dialog with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz in discussion with other Persian Gulf littoral states in line with the applicable international law and the sovereign rights of coastal states of the Strait of Hormuz.

6 — The United States of America undertakes with regional partners to develop a definitive, mutually agreed plan with at least USD 300 billion for the reconstruction and economic development of the Islamic Republic of Iran. The mechanism for the implementation of this plan will be finalized as part of a final deal within 60 days. All required licenses, waivers, and permissions needed for the relevant financial transactions will be granted by the United States of America.

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

IAEA Board of Governors resolutions, all unilateral US sanctions, primary and secondary in an agreed upon schedule as part of the final deal. The Islamic Republic of Iran and the United States of America acknowledge the critical importance of the sanctions termination issue above mentioned, and expressed their intentions to immediately address these issues in the negotiations in order to achieve mutual agreement on them.

8 — The Islamic Republic of Iran reaffirms that it shall not procure or develop nuclear weapons. The United States of America and the Islamic Republic of Iran have agreed to resolve the disposition of stockpile enriched material pursuant to a mechanism that will be mutually agreed upon in accordance with the schedule mentioned in paragraph seven with the minimum methodology to be down blended on site under the supervision of the IAEA. The two parties also agreed to discuss the issue of enrichment and other mutually agreed matters related to the Islamic Republic of Iran’s nuclear needs, based on a satisfactory framework being agreed upon in the final deal. The final deal will confirm the provisions of this paragraph and the Islamic Republic of Iran acknowledge the critical importance of the nuclear issues above missions. They express their intention to immediately address these issues in the negotiations in order to achieve mutual agreement on them.

9 — Pending the final deal, 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 any new sanctions and will not deploy additional forces in the region.

10 — The United States of America undertakes that immediately upon the signing of this MOU and until the termination of sanctions, US Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services, including banking transactions, insurances, transportation, etc.

11 — The United States of America undertakes to make fully available for use the frozen or restricted funds and assets of the Islamic Republic of Iran upon the implementation of this MOU. The United States of America and the Islamic Republic of Iran will mutually agree on the procedures related to the release of these funds during negotiations. Such funds, whether obtaining the original account or transfer, shall be made fully usable for payment to any ultimate beneficiary designed by the Central Bank, excuse me, ultimate 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 executive mechanism will be established to monitor the successful implementation of this MOU and the future compliance of the final deal.

13 — After signing this MOU, and subject to the beginning of the implementation of paragraphs 1, 4, 5, 10, and 11 of this MOU, and the continuing implementation of these measures, the United States of America and the Islamic Republic of Iran will start negotiations regarding the final deal exclusively on the other paragraphs.

14 — The final deal will be endorsed by a binding UNSC resolution.

Draft agreement obtained by CNN

Earlier Wednesday, before the text was officially released, CNN published a copy obtained from a US official. A diplomat who saw it at the G7 summit in France this week confirmed its contents, as did two other diplomatic sources with knowledge of negotiations.

Given both the US and Iranians’ secrecy around the language, it was unclear whether the draft text shared with CNN would reflect the exact wording of the final document due to be signed in person on Friday in Switzerland. A White House spokesperson said Wednesday morning that the text did not reflect the actual memorandum.

The US official told CNN that the text obtained by CNN reflected the agreement signed digitally by President Donald Trump, Vice President JD Vance and Iranian parliamentary speaker Mohammad Bagher Ghalibaf on Sunday.

Speaking to CNN, US officials have downplayed the significance of the memo itself, calling it a “political document” that does not reflect critical back-channel commitments Iran has made to the US, specifically on the future of Tehran’s nuclear program. The White House did not respond to a request for comment when presented with the draft obtained by CNN. The semi-official Iranian news agency Tasnim described leaked versions of the draft as inaccurate. Bloomberg earlier published a version of the draft.

Below is the draft text in full as obtained by CNN:

1 — The Islamic Republic of Iran and the United States, together with their allies in the current war, declare upon the signing of this Memorandum of Understanding an immediate and permanent end to the war on all fronts, including Lebanon, and undertake that from now on they will not launch any hostile action against each other, and will refrain from the threat or use of force against each other. The final agreement will confirm the provisions of this Article and the remaining Articles.

2 — The Islamic Republic of Iran and the United States undertake to respect each other’s sovereignty and territorial integrity, and to refrain from interfering in each other’s internal affairs.

3 — The Islamic Republic of Iran and the United States undertake to negotiate and reach a final agreement within a maximum period of 60 days, extendable by mutual consent.

4 — Immediately upon the signing of this Memorandum of Understanding, the United States lift the naval blockade and prevent any interference or obstruction against the Islamic Republic of Iran, and restore traffic within a maximum of 30 days to its full capacity; the traffic of ships shall be proportional to the pre-war volume of traffic on the part of the Islamic Republic of Iran. The United States also undertakes to withdraw its forces from the surrounding areas within 30 days after the final agreement.

5 — Upon signing this Memorandum of Understanding, the Islamic Republic of Iran will immediately take steps to ensure that the movement of merchant ships from the Persian Gulf to the Sea of Oman and vice versa is resumed within 30 days to the pre-war volume, taking into account the need for the removal of technical obstacles and the neutralization of mines by Iran.

6 — The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, while ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days.

7 — The United States commits to ending, on a schedule to be agreed upon as part of the final agreement, all types of sanctions currently facing the Islamic Republic of Iran, including resolutions of the United Nations Security Council and the Board of Governors of the International Atomic Energy Agency (IAEA), and all unilateral U.S. sanctions, both primary and secondary.

8 — The Islamic Republic of Iran reiterates that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran’s nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article.

9 — The Islamic Republic of Iran and the United States agree that, pending a final agreement, they will maintain the status quo: Iran will maintain the status quo on its nuclear program, and the United States will not impose new sanctions on Iran or strengthen its forces in the region.

10 — The United States undertakes that immediately after the signing of this Memorandum of Understanding, and until the date of the lifting of sanctions, the United States Treasury Department will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives, and all related services, including banking, insurance, transportation, and the like.

11 — The United States undertakes that, in light of the progress of negotiations towards a final agreement, frozen or restricted funds and assets of the Islamic Republic of Iran will be released and made fully available. These funds, whether held in the master account or transferred, will be used for any final beneficiary payment determined by the Central Bank of the Islamic Republic of Iran and will be fully available for use. The United States undertakes to issue all necessary permits and licenses on this basis.

12 — The Islamic Republic of Iran and the United States agree that an implementation mechanism will be established to oversee the successful implementation of and future commitment to the Final Agreement.

13 — Following the signing of this Memorandum of Understanding, and upon receipt of assurances regarding the commencement of implementation of Articles 4, 5, 10, and 11 of this Memorandum of Understanding, and the continued implementation of these steps, the Islamic Republic of Iran and the United States will enter into negotiations for a Final Agreement solely with respect to the remaining Articles.

14 — The final agreement will be approved through a binding resolution of the UN Security Council.

This story has been updated with additional information.

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CNN’s Morgan Leason contributed to this report.