U.S.-Iran Memorandum Outlines Cease-Fire Extension, Sanctions Relief and Regional Withdrawal

Newly revealed points in a U.S.-Iran memorandum of understanding describe a temporary halt to regional fighting, including in Lebanon, along with commitments on nuclear issues, sanctions relief and maritime security. The document states that Iran would reaffirm its pledge not to build a nuclear weapon.

Both sides would discuss the future of Iran's enriched uranium stockpile and enrichment activities while Iran maintains the current status of its nuclear program.

Under the outlined terms, the U.S. would lift its naval blockade, hold off on new sanctions and refrain from sending additional troops to the region. Iran would guarantee toll-free passage for commercial ships through the Strait of Hormuz for 60 days.

Washington would release an unspecified amount of frozen Iranian assets once the memorandum takes effect. The U.S. would also allow Iran to resume oil sales through temporary sanctions waivers.

A final deal reached after the 60-day period would include U.S. withdrawal of forces within 30 days and the lifting of all sanctions on Iran. The agreement would also establish a $300 billion reconstruction fund for Iran. Iran, Oman and Gulf states would negotiate new shipping and maritime security arrangements.

Oman and Iran have already begun discussions on those arrangements, according to a senior regional source.