U.S. and Iran Sign 60-Day Ceasefire Extension Memorandum

Vice President JD Vance said Monday that the United States and Iran signed a 60-day preliminary ceasefire extension digitally the previous day. The document is a memorandum of understanding, he told ABC’s Good Morning America.

U.S. Official said. No money has been released to Iran under the agreement, Vance stated, and that policy will not change. An in-person signing is scheduled for Friday in Geneva, with Vice President JD Vance attending on behalf of the United States.

President Donald Trump is currently in France for the G7 summit. Public elements of the deal include the United States ending its naval blockade of Iran, the reopening of the Strait of Hormuz, and an end to fighting between the nations, including Israeli attacks against Hezbollah in Lebanon. President Donald Trump has suggested the Strait of Hormuz could open on Friday.

Iran has suggested that half of the $24 billion in frozen assets will be released before the next phase of nuclear negotiations. The Trump administration denies that any frozen assets will be released at this stage.

U.S. Official said the United States will maintain its military posture in the region while technical details of the agreement are finalized. More information about the memorandum will be provided within the next 24 to 48 hours. Vance described the arrangement as performance-based.

Sanctions relief would follow if Iran eliminates its stockpile of enriched material or allows a verification regime that confirms it is not building a nuclear weapon, he said. Israel has disagreed with the portion of the deal that ends hostilities against Hezbollah in Lebanon.

Vance said complications are expected in the region but maintained that the agreement will benefit the people of Israel, the Gulf states, the United States, and potentially Iran.