A 14-point draft memorandum of understanding between the United States and Iran, obtained by Bloomberg News, lays out the framework for ending their war and offers Tehran sweeping economic and diplomatic concessions while leaving several core US objectives unaddressed.
The two sides are expected to sign the document formally on June 19 in Switzerland, opening a 60-day window of negotiations toward a final peace agreement and new limits on Iran’s nuclear program. According to Bloomberg, the memorandum was already signed digitally on Sunday.
The opening clauses commit the US, Iran, and their allies to “an immediate and permanent end to the war on all fronts,” explicitly including Lebanon — a key Iranian demand likely to anger Israel. Both sides pledge to respect each other’s sovereignty and territorial integrity and to refrain from hostile action.
On the military front, Washington agrees to lift its naval blockade in the Strait of Hormuz and to withdraw forces from unspecified “surrounding areas” within 30 days of a final deal. Iran, in turn, commits to removing its own obstacles to navigation through the strait.
The economic provisions are the document’s most striking element. The US undertakes to “ensure financing of at least $300 billion” for Iran’s rehabilitation and economic development, to be implemented within 60 days of a final agreement. Washington also commits to a phased lifting of all sanctions — UN Security Council resolutions, IAEA Board of Governors measures, and unilateral US primary and secondary sanctions — though no timeline is specified. Immediate waivers would cover Iranian oil and petroleum sales, along with related banking, insurance, and transport services. Frozen Iranian assets would be released progressively as talks advance.
On the nuclear file, Iran reiterates that it will not build a nuclear weapon and pledges to maintain the status quo on its program for 60 days, during which the US will impose no new sanctions or reinforce its regional forces. Notably, the text defers the fate of Iran’s enriched uranium stockpile to a final agreement and imposes no immediate halt to enrichment.
The memorandum also does not address Iran’s ballistic missile arsenal, which President Trump had cited as a justification for entering the war. An implementation mechanism would oversee the final deal, which is to be ratified through a binding UN Security Council resolution.