Full Text of U.S.-Iran MOU Released — And It's Worse Than Advertised

The official text of the memorandum of understanding between the United States and Iran was released to journalists Wednesday evening by a senior White House official, after days of conflicting reports about its contents — and a close reading of the 14-point document reveals concessions that go further than even the most critical early assessments suggested.

The memorandum is due to be formally signed Friday in Switzerland, triggering a 60-day window to negotiate the final terms of a deal. On Sunday, the two sides electronically signed the agreement, which Pakistan helped broker, with U.S. Vice President J.D. Vance signing for the United States and Iranian parliament speaker Mohammad-Bagher Ghalibaf signing for Iran.

The White House had spent days dismissing leaked versions of the text as "fake news." The official document released Wednesday is, in key respects, harder on the United States than what had been reported.

Ceasefire Locks In IDF Withdrawal from Lebanon

The agreement declares the "immediate and permanent termination of military operations on all fronts, including in Lebanon," with both sides committing not to initiate any war or military operation against each other, and to respect the territorial integrity and sovereignty of Lebanon.

The implications for Israel are stark. A commitment to Lebanon's "territorial integrity" is a direct demand that IDF forces withdraw from southern Lebanon. Targeted operations against Hezbollah operatives would also fall under the ceasefire's scope. Trump has, in effect, signed off on a full Israeli withdrawal, and a full halt to military pressure on Hezbollah.

Sovereignty Clause Shields Iran's Proxy Network

The two countries agreed to respect each other's sovereignty and territorial integrity and to refrain from interfering in each other's internal affairs.

That language, critics note, effectively insulates Iran's ballistic missile program, its funding of proxy militias, and its internal suppression of dissent from American pressure. Washington will be hard-pressed to raise any of those issues during the 60-day negotiating window without violating the terms it just signed.

Oil Waivers and Frozen Assets — Immediately, Before Iran Does Anything

Among the most consequential provisions: immediately upon signing the MOU, the U.S. Treasury Department will issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services, including banking transactions, insurance, and transportation.

And separately, the United States undertakes to make fully available for use the frozen or restricted funds and assets of the Islamic Republic of Iran, with such funds made fully usable for payment to any ultimate beneficiary designated by the Central Bank of Iran.

In other words, Iran gets access to an estimated $100 billion in frozen assets and unrestricted oil revenues before it has made a single verifiable concession on its nuclear program.

Strait of Hormuz: Iran in the Driver's Seat

Upon signing, 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, with demining to be completed within 30 days.

The "60 days only" qualifier is critical. After that period, the document calls for Iran to conduct dialogue with Oman and other Gulf states on "future maritime management and service arrangements" - meaning Iran retains effective control over access to the strait and can levy fees thereafter. Trump publicly denied this would be the case.

Nuclear Clause: Uranium Stays in Iran

The agreement states that the U.S. and Iran will address Iran's existing stockpile of enriched material, with the "minimum methodology" being down-blending on site under IAEA supervision.

That directly contradicts Trump's repeated public insistence that enriched uranium would be removed from Iranian soil entirely. The question of Iran's ongoing enrichment rights is deferred to the final deal, giving Tehran significant leverage over the next 60 days.

The Clock Starts Now

The MOU declares the war to be over, launches 60 days of nuclear negotiations, waives sanctions to allow Iran to sell oil during those 60 days, and includes massive economic incentives should Iran sign a final nuclear deal. A senior U.S. official stressed that President Trump is prepared to restart military action if needed, adding: "If Iran actually does all the things that they're telling you, that would be a home run deal."

Critics, however, note that Iran has already secured its most significant gains, cash, oil revenues, and a U.S. military pullback, before the final deal is even negotiated.