The US President Donald Trump and the Iranian President Masoud Pezeshkian virtually signed a 14-point Memorandum of Understanding (MoU) on 17 June 2026 to end hostilities and initiate a peace process.
The agreement was signed while President Trump was at the Palace of Versailles, the historic venue where the Treaty of Versailles was signed, formally ending the First World War.
The US-Iran signed MoU provides for an immediate and permanent cessation of military operations, including in Lebanon, and sets a 60-day timeline to negotiate a final agreement, extendable by mutual consent.
The MoU provides for the reopening of the Strait of Hormuz, with Iran ensuring free commercial passage for 60 days while the United States begins lifting its naval blockade.
The agreement outlines the phased removal of sanctions, release of frozen Iranian assets, and Treasury waivers for Iranian oil exports.
It also envisages a US-backed reconstruction and economic development programme for Iran valued at at least USD 300 billion.
Iran committed not to procure or develop nuclear weapons, while negotiations on its nuclear programme will continue during the 60-day period.
According to the agreement, a final settlement is intended to replace the interim MoU after successful negotiations and implementation of its key provisions.
Sources: IE & AIR
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