Washington, June 18: A significant agreement was signed on Thursday to end months of conflict and tension between the United States and Iran. The primary goal of this deal is to extend the ceasefire and resume shipping transit through the Strait of Hormuz.
Under this 14-point agreement, all sanctions on Iran have been lifted. Iran is now permitted to sell oil globally. Additionally, Iran stands to receive billions in unfrozen assets along with a funding package of $300 billion.
Key highlights of the agreement include:
1. The US and Iran have signed this memorandum to announce an immediate and permanent halt to military operations on all fronts, including Lebanon. Both parties have committed to refrain from initiating any military actions or threats against each other and to ensure the unity and sovereignty of Lebanon.
2. The US and Iran pledge to respect each other’s sovereignty and territorial integrity, avoiding interference in each other’s internal affairs.
3. Both nations have agreed to finalize the deal through negotiations within a maximum of 60 days, which can be extended by mutual consent.
4. Immediately after signing the agreement, the US will begin lifting its naval blockade against Iran and any disruptions. The removal of the blockade is set to be completed within 30 days.
During this period, the movement of ships will be gradually restored, aligning with the maritime traffic levels that existed before the onset of hostilities.
5. Iran will make every effort to ensure the safe passage of commercial vessels from the Persian Gulf to the Oman Sea and vice versa. This movement will commence immediately, although it will be contingent upon addressing technical and military obstacles, including the removal of mines within 30 days. Furthermore, Iran will engage in bilateral discussions with Oman to outline future administrative and maritime services in the Strait of Hormuz.
These discussions will also involve other coastal nations in the Persian Gulf, adhering to applicable international laws and the sovereign rights of the coastal states.
6. The US is working with regional partners to develop a mutually agreed plan for Iran’s manufacturing and economic development, amounting to at least $300 billion. The implementation details will be finalized as part of the deal within 60 days, with the US providing all necessary licenses, exemptions, and permissions for related transactions.
7. The US commits to lifting all types of bans against Iran, including those from the United Nations Security Council.
8. Iran will reaffirm its commitment not to develop nuclear weapons. Both parties will discuss future aspects of Iran’s uranium enrichment program, its stock of enriched nuclear material, and Iran’s nuclear energy needs. The final agreement will include a cooperation framework.
9. Until the final deal is reached, both the US and Iran agree to maintain the current status quo. Iran will uphold its existing nuclear program, and the US will refrain from imposing new sanctions or deploying additional troops in the region.
10. The US promises that immediately after signing this agreement and until sanctions are lifted, the US Treasury will grant exemptions for Iran’s crude oil, petroleum products, and related banking transactions, insurance, and services.
11. Upon the agreement’s implementation, the US will fully release Iran’s frozen or blocked funds and assets. The process for releasing these funds will be mutually agreed upon during negotiations.
12. The US and Iran will establish an executive system to monitor the successful implementation of this agreement and the future compliance with the final deal.
13. Following the signing of this agreement and the initiation of paragraphs 1, 4, 5, 10, and 11, the US and Iran will begin discussions solely on the final deal concerning paragraph 2.
14. The final deal will receive approval through a binding resolution from the UN Security Council.
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