The agreement between Iran and the US lays out the terms of the ceasefire between the bitter rivals, the reopening of the Strait of Hormuz, some financial relief for Iran and a reiteration from Tehran that it will never produce a nuclear weapon, according to a copy of the text obtained by CNN.
The 14-point memorandum of understanding has not yet been officially released but a copy of it was obtained by CNN 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.
Under the agreement, the US will allow Iran to sell its oil and petrochemical products, and Tehran may be able to tap into a $300 billion development fund if it meets commitments related to its nuclear program in further negotiations. The document does not include specifics on what will become of Iran’s highly enriched uranium.
The US official told CNN that the text reflects the agreement signed digitally by President Donald Trump, Vice President JD Vance and Iranian parliamentary speaker Mohammad Bagher Ghalibaf on Sunday. However, given both the US and Iranians’ secrecy around the language, it remains unclear whether the draft text shared with CNN will reflect the exact wording of the final document due to be signed in person on Friday in Switzerland. Technical details are also being finalized so the wording could still shift.
