Released version of US-Iran agreement allows more time for nuclear negotiations

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(The Center Square) – An unnamed senior administration official read the existing memorandum of understanding between the U.S. and Iran to a group of reporters on Wednesday, a number of national media outlets reported.

The administration has not yet released the written copy of the peace deal memorandum and did not respond to The Center Square’s request by the time of publication. The memorandum is to be signed Friday by both parties in Switzerland.

The memorandum declares the end of the conflict between not only the U.S. and Iran but their allies, as Israel and Iran-backed paramilitary group Hezbollah continue to fight in Lebanon. It names Lebanon specifically three times in its first of 14 points.

In one point, it allows Iran to “maintain the status quo of its nuclear program” pending the final deal, while in another Iran “reaffirms that it shall not procure or develop nuclear weapons.” Both countries agree to negotiating the final deal within 60 days, but that deadline is “extendable by mutual consent.”

The U.S. commits to ending and fully removing its naval blockade within 30 days from the memorandum’s signing, and Iran commits to reopen the Strait of Hormuz toll-free for 60 days with an expectation that commercial traffic will resemble prior levels within 30 days. 

The closing of the strait led to higher energy costs across the U.S. and the rest of the world.

The agreement appears to leave open the possibility of tolls after the 60-day period.

The U.S. also commits to lifting all of its sanctions on Iran in “an agreed-upon schedule as part of the final deal.”

The memorandum also states that the U.S. will work with regional partners on a plan to invest “at least $300 billion” in Iran’s reconstruction and economic development.

Click here to read the full read text of the memorandum as transcribed by Axios.