United States and Iran sign 14-point interim agreement (Islamabad Memorandum of Understanding) to end hostilities and reopen Strait of Hormuz

Key facts

• The United States and the Islamic Republic of Iran signed the 'Islamabad Memorandum of Understanding' (MoU), a 14-point interim agreement to end hostilities and reopen the Strait of Hormuz.
• The interim deal declares immediate and permanent termination of military operations on all fronts, including in Lebanon, and requires the US to remove its naval blockade within 30 days.
• A 60-day negotiation period for a final deal is set to begin in Switzerland, with the final deal to be endorsed by a binding United Nations Security Council (UNSC) resolution.
• The United States commits to developing a plan with at least $300 billion for reconstruction and economic development of Iran, and to terminate all types of sanctions, including International Atomic Energy Agency (IAEA) Board of Governors resolutions and unilateral US sanctions.
• Iran reaffirms it shall not procure or develop nuclear weapons, and pending the final deal, both sides agree to maintain the status quo: Iran keeps current nuclear program, US imposes no new sanctions or additional forces.