Iran concedes its enriched stockpile must be destroyed
The MOU says that at minimum, Iran conceded, its enriched uranium stockpile “will be destroyed” through “down-blending”(or diluting the uranium) on Iranian soil, under IAEA supervision.
“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.”
Officials were emphatic that down-blending is a starting point, not the endpoint. “That’s the floor,” one said, “and we will push for more than that.”
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Updated at 14.14 EDT
Key events
Trump says 60 days isn’t a hard deadline
Before getting on the plane Trump told reporters that the 60 day deadline written in the US-Iran MOU “could take longer”
“I don’t view it as hard,” Trump said. “Just as long as they are behaving, I really don’t care that much.”
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Tehran floats a presidential signing of MOU in Geneva
Iran’s foreign ministry has confirmed it is weighing a proposal for both countries’ presidents to sign the MOU in Geneva, a significant symbolic step up from the arrangement that had previously been on the table.
“Regarding the signing of the memorandum of understanding, one idea is that it be done by the presidents of the two countries, which is currently under review,” ministry spokesperson Esmaeil Baqaei said.
Until now, the plan had been for JD Vance and the Iranian parliament speaker, Mohammad Bagher Ghalibaf, to represent their respective countries at the ceremony.
A head-of-state signing would carry considerably more political weight, and for Tehran, would amount to a public acknowledgment from Washington of Iran’s standing as a negotiating equal.
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Updated at 14.56 EDT
60 days to negotiate, but deal is fragile
Finally, the MOU gives both sides 60 days to negotiate a comprehensive final agreement, extendable by mutual consent. A binding UN security council resolution would be required to endorse any final deal.
“The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days extendable with mutual consent.”
But the fragility shouldn’t be understated: one senior US official explained that “either side can walk away at any time”.
The official added that the Trump administration would know within “days or weeks, not months” if Iran was stringing it along.
And if talks collapse, they indicated the US was prepared to tighten the economic pressure significantly.
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Updated at 14.38 EDT
Iran wanted its frozen assets on signing but didn’t get them
According to the officials on the call, the text makes clear that access to Iran’s frozen funds is contingent on the regime actually implementing the agreement’s terms.
“Such funds … shall be made fully usable for payment to any ultimate beneficiary designated by the Central Bank of the Islamic Republic of Iran … upon the implementation of the MOU.”
Officials on the call said Iran had pushed hard for the opposite: immediate access to its frozen assets the moment the MOU was signed.
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Updated at 14.29 EDT
Netanyahu says he hasn’t seen the document, but US says he didn’t ask
Israeli prime minister Benjamin Netanyahu publicly stated he had not been given a copy of the MOU.
Senior US officials on the call did not dispute that Netanyahu may not have received the final text, but pushed back on the suggestion Israel had been kept in the dark.
“He has not asked us for a copy of it… but we’ve been briefing him and his team very frequently on what’s happening.”
One senior official said Netanyahu had told the US team privately that if Iran delivers on its commitments, “he thinks that it would be a historic deal”, though both the US and Israel remain skeptical.
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Updated at 14.38 EDT
Iran had stopped firing on vessels in strait of Hormuz
Senior officials said for the first time in the hundred days of war, Iran fired on no vessels in the strait of Hormuz the day before the call.
“Yesterday, which I believe for the first time in the 100 days of this conflict, Iran did not fire at any vessels in the Strait of Hormuz.”
Under the MOU, Iran is required to ensure toll-free passage for commercial vessels for at least 60 days, with full restoration of traffic within 30 days. Senior officials said the Gulf states would never agree to any longer-term arrangement that charges for access.
The formal signing ceremony is set for Friday.
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More commentary on the reasoning from senior officials on the oil relief:
“The President of the United States and the entire team agreed that it’s absurd to sanction Iranian oil in such a way that they are still allowed to sell that oil, we just give China a big fat discount, we stopped that process, and of course it’s part of the broader agreement.”
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One immediate benefit for Iran: an oil sanctions waiver
More on sanctions: the MOU is structured so that Iran receives almost nothing upfront…with one exception. The US Treasury will issue waivers for Iranian crude oil exports, petroleum products, and associated banking services the moment the document is signed.
“Immediately upon the signing of the MOU… 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 and services, transportations, etc. …”
Officials defended the move, arguing that Iranian oil was already flowing to China regardless — and that existing sanctions were simply giving Beijing a steep discount.
Relieving the waiver, they said, removes that subsidy and gives the US better visibility into where Iranian oil is going.
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Sanctions relief and nuclear action are linked
Much of the coverage of the deal has treated sanctions relief and the nuclear question as separate tracks. Officials on the call said the two paragraphs use identical language and are deliberately intertwined.
“The United States of America undertakes to terminate all types of sanctions against the Islamic Republic of Iran… in an agreed upon schedule as part of the final deal.”
“The sanctions relief in seven is tied to the nuclear settlement in eight,” a senior official said, referring to the paragraph numbers in the agreement. “To the extent that you perform on the nuclear questions, you will get the sanctions relief.”
So: Iran will not receive broad sanctions removal simply by signing the MOU.
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Iran concedes its enriched stockpile must be destroyed
The MOU says that at minimum, Iran conceded, its enriched uranium stockpile “will be destroyed” through “down-blending”(or diluting the uranium) on Iranian soil, under IAEA supervision.
“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.”
Officials were emphatic that down-blending is a starting point, not the endpoint. “That’s the floor,” one said, “and we will push for more than that.”
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Updated at 14.14 EDT
Donald Trump earlier cast some doubt on whether the signing would happen as planned. Asked how confident he was that the ceremony would take place, Trump remarked on the unpredictability of deals.
“You never know with deals, do you? But you’re going to find out pretty soon,” he said.
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The deal commits both sides to an immediate, permanent halt to fighting — including in Lebanon
To start, both the US and Iran, along with their allies, agree to declare an end to military operations on all fronts the moment the document is signed.
Senior officials on the call read out the line: “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.”
The inclusion of Lebanon is significant, and it effectively requires Iran to rein in Hezbollah. Israel, officials added, retains the right to strike back if Hezbollah attacks regardless.
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Updated at 13.40 EDT
The officials spoke on Wednesday on condition of anonymity to read the the draft, which Iran has not released, ahead of formal signing ceremony set for Friday.
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Senior US officials read out MOU to reporters
While Trump was delivering his press conference, senior US officials read the memorandum of understanding on Iran to journalists on a press call. The Guardian was on the line, and will be breaking down some of the key moments and lines from the text.
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Updated at 13.33 EDT
