WASHINGTON – The United States and Iran on Tuesday released the text of a landmark Memorandum of Understanding that commands an immediate and permanent end to all military operations on every front, including Lebanon, and a binding pledge never to wage war against one another. The disclosure, the first official confirmation of the ceasefire’s detailed terms, marks an abrupt halt to a devastating regional war.

Under the MOU, Washington will immediately begin lifting its naval blockade of Iran, fully ending it within 30 days, fully unfreeze all Iranian assets held abroad, and immediately issue waivers for the export of Iranian crude oil and petroleum products. The U.S. also commits to working with regional partners on a definitive plan with at least $300 billion for reconstruction and economic development of Iran, the mechanisms for which are to be finalised as part of a comprehensive final deal within 60 days.

Iran, in turn, will maintain the current status quo of its nuclear programme while negotiations proceed. The final agreement must resolve the disposition of stockpiled enriched uranium and discuss the issue of enrichment based on a satisfactory framework. The deal will be endorsed by a binding UN Security Council resolution, and the U.S. undertakes to terminate all sanctions, including UNSC and IAEA resolutions, as part of an agreed schedule. Tehran also undertakes to secure safe passage for commercial vessels through the Strait of Hormuz, clearing mines and other military obstacles within a month.

For the Global South, the agreement brings immediate stability. Securing the Strait of Hormuz for unimpeded commercial shipping calms global oil markets and shields import-dependent developing economies from prolonged price volatility. The ceasefire also ends a proxy conflict that had drawn in multiple allies and threatened Lebanon’s sovereignty, lowering the risk of a broader conflagration. Negotiations on the final deal will start after the implementation of certain MOU paragraphs begins, with a status quo freeze in place, while a joint executive mechanism will monitor compliance with the MOU’s terms.