The following is a transcript of the US-Iran memorandum of understanding as read by a senior US official to reporters on Wednesday.

Islamabad memorandum of understanding between the United States of America and the Islamic Republic of Iran

The United States of America and the Islamic Republic of Iran have jointly agreed in good faith on such and such a date on the following:

Paragraph one: The United States of America and the Islamic Republic of Iran and their allies in the current war, by signing this MOU, declare the immediate and permanent termination of military operations on all fronts, including in Lebanon, and undertake from now on not to initiate any war or any military operation against each other, and to refrain from the threat or use of force against each other, and ensuring the territorial integrity and sovereignty of Lebanon. The final deal will confirm the permanent termination of the war on all fronts, including in Lebanon, and other provisions of this paragraph.

Paragraph two: The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity and to refrain from interfering in each other’s internal affairs.

Paragraph three: The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum of 60 days, extendable with mutual consent.

Paragraph four: Immediately upon the signing of this MOU, the United States of America will begin the removal of its naval blockade and any disturbances or impediments against the Islamic Republic of Iran, and will fully end the naval blockade within 30 days. During this period, the traffic of vessels will be in proportion to the numbers of pre-war traffic being restored by the Islamic Republic of Iran. The United States of America further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal.

Paragraph five: Upon the signing of this MOU, Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman, and vice versa. The traffic of commercial vessels will immediately start, in considering the need for removing the technical and military obstacles and demining by the Islamic Republic of Iran, will be instated within 30 days. The Islamic Republic of Iran will conduct a dialogue with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz in discussion with other Persian Gulf littoral states in line with the applicable international law and the sovereign rights of coastal states of the Strait of Hormuz.

Paragraph six: The United States of America undertakes with its regional partners to develop a definitive, mutually agreed plan with at least USD 300 billion for the reconstruction and economic development of the Islamic Republic of Iran. The mechanism for the implementation of this plan will be finalized as part of final deal within 60 days. All required licenses, waivers, and permissions needed for the relevant financial transactions will be graded by the United States of America in Paragraph Six.

Paragraph seven: The United States of America undertakes to terminate all types of sanctions against the Islamic Republic of Iran, including the United Nations Security Council resolutions, i.e. IAEA Board of Governors resolutions, and all unilateral US sanctions, primary and secondary, in an agreed upon schedule as part of the final deal. The Islamic Republic of Iran and the United States of America acknowledge the critical importance of the sanctions termination issue abovementioned, and expressed their intentions to immediately address these issues in the negotiations in order to achieve mutual agreement on them.

Paragraph eight: The Islamic Republic of Iran reaffirms that it shall not procure or develop nuclear weapons. The United States of America and the Islamic Republic of Iran have agreed to resolve the disposition of stockpile enriched materials, pursuant to a mechanism that will be mutually agreed upon in accordance with the schedule mentioned in paragraph seven with the minimum methodology to be downblending on site under the supervision of the IAEA.

[The] two parties also agreed to discuss the issue of enrichment and other mutually agreed matters related to the Islamic Republic of Iran’s nuclear needs based on a satisfactory framework being agreed upon in the final deal. The final deal will confirm the provisions of this paragraph. The United States of America and the Islamic Republic of Iran acknowledge the critical importance of the nuclear issues above mentioned and express their intention to immediately address these issues in the negotiation in order to achieve mutual agreement on them.

Paragraph nine: Pending the final deal, the United States of America and the Islamic Republic of Iran agree to maintain the status quo. The Islamic Republic of Iran will maintain the current status quo of its nuclear program, and the United States of America will not impose any new sanctions and will not deploy additional forces in the region.

Paragraph 10: The United States of America undertakes that immediately upon the signing of this MOU, and until the termination of sanctions, the US Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services, including banking transactions, insurances, transportation, etc.

Paragraph 11: The United States of America undertakes to make fully available for use the frozen or restricted funds of the Islamic Republic of Iran upon the implementation of this MOU. The United States of America and the Islamic Republic of Iran will mutually agree on the procedures related to the release of these funds during the negotiations. Such funds, whether retained in the original account or transferred, shall be made fully usable for payment to any ultimate beneficiary designed by the Central Bank of the Islamic Republic of Iran. The United States of America undertakes to issue all necessary licenses and authorizations accordingly.

Paragraph 12: The United States of America and the Islamic Republic of Iran agree that an executive mechanism will be established to monitor the successful implementation of this MOU and the future compliance of the final deal.

Paragraph 13: After signing this MOU and subject to the beginning of the implementation of paragraphs 1, 4, 5, 10, and 11 of this MOU, and the continuing implementation of these measures, the United States of America and Republic of Iran will start negotiations regarding the final deal exclusively on the other paragraphs.

Paragraph 14: The final deal will be endorsed by a binding UNSC resolution.