Iran and US sign final memorandum of understanding. Two months of negotiations ahead

The presidents of the United States and Iran have signed the final version of a memorandum of understanding, which should be the first step towards a peace agreement.

Donald Trump signed a paper version of the document in Versailles, France, where he had dinner with French President Emmanuel Macron after the G7 summit.

Iranian President Masoud Pezeshkian posted a photo of himself with a signed document in his office.

The parties already signed the electronic version of the memorandum on June 15. And this document, according to the spokesman for the Iranian Ministry of Foreign Affairs, Esmail Bahai, is "officially finally agreed".

"The memorandum between Iran and the US is now officially completed as it has been signed by both sides," Bahai said.

Pakistani Prime Minister Shehbaz Sharif, who mediated the peace talks, tweeted that the memorandum "takes effect immediately" — Iran will now unblock the Strait of Hormuz, and the US will lift its naval blockade of Iranian ports.

Previously, the United States and Pakistan reported that the official signing ceremony of the memorandum would take place on Friday, June 19, with the participation of the US Vice President J.D. Vance.

However, the Iranian Foreign Ministry notes that although the negotiating teams plan to be present in Geneva on June 19, there will be no official signing ceremony in Switzerland.

The memorandum is only an interim agreement. After its signing, the parties will have 60 days to negotiate a final peace agreement. This period can be extended by mutual consent of the parties.

On the eve of the meeting, a senior US administration official released the text of the memorandum, which consists of 14 points, CNN reports. The agreement provides for:

• The parties cease hostilities on all fronts, including Lebanon, and refuse to attack each other.
• The US will begin lifting the naval blockade of Iran immediately after the memorandum is signed and will completely end it within 30 days.
• Iran will restore safe passage for commercial vessels through the Strait of Hormuz and carry out mine clearance.
• The United States, together with regional partners, should develop an economic recovery plan for Iran worth at least $300 billion.
• The US commits to gradually lift all sanctions against Iran.
• Iran confirms that it will not develop nuclear weapons. The share of enriched uranium stocks and other issues of the nuclear program must be agreed upon by the parties in the final agreement.
• Iran and the US agreed to maintain the status quo until a final agreement: Iran would maintain the current parameters of its nuclear program, and the US would not impose new sanctions on Iran or increase its military presence in the region.
• Washington will issue permits for the export of Iranian oil and petroleum products.
• Frozen Iranian assets must be unblocked.

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