The Hindu on 18 June published the full text of a memorandum of understanding released by the US and Iran a day earlier, which lays out a framework to end hostilities and negotiate a final peace deal. The document, whose authenticity could not be independently verified, says the two sides have agreed “in good faith” to an immediate and permanent ceasefire on all fronts, including in Lebanon, and pledge to respect each other’s sovereignty.

Under the terms, Washington would begin removing its naval blockade against Iran immediately and complete the process within 30 days. Tehran, in turn, would use its best efforts to guarantee safe passage for commercial vessels through the Strait of Hormuz free of charge for an initial 60 days, working with Oman and other Gulf littoral states on a future governance framework.

The US commits to terminating all sanctions—including UN Security Council and IAEA resolutions and all primary and secondary American measures—on a schedule to be finalised in the comprehensive deal. Until then, the Treasury will issue waivers for Iranian crude oil exports and related financial services. The memorandum also envisages a $300 billion Iranian reconstruction and economic development plan backed by regional partners, with the funding mechanism to be agreed within 60 days.

On the nuclear file, Iran reaffirms it will not seek or develop nuclear weapons and agrees to down-blend its stockpiled enriched uranium on site under IAEA supervision. Negotiations on future enrichment and other nuclear needs will continue. Pending the final deal, Iran is to maintain its current nuclear status quo, while the US refrains from imposing new sanctions or deploying additional forces.

The final agreement is to be concluded within 60 days, extendable by mutual consent, and endorsed by a binding UN Security Council resolution. An executive mechanism would monitor compliance. The status of the MOU’s signature remains unclear; the text refers to a jointly agreed date “yet to be determined”.