JUST IN: US, Iran Formally Signal Memorandum Of Understanding
The United States and Iran have formally signed a Memorandum of Understanding (MOU) remotely on Wednesday, June 17, 2026, according to two U.S. officials. The remote singing means the agreement is formally in effect, though a formal signing ceremony is still scheduled for Friday.
Earlier discussions had considered advancing the signing or completing it electronically ahead of the planned meeting of negotiators in Switzerland on Friday. U.S. officials confirmed the remote signing occurred Wednesday, while the in-person ceremony will proceed as planned, according to a report from Axios.
Iranian officials have also referenced the Friday timeline in Geneva or a comparable Swiss venue. President Donald Trump, while attending the Group of Seven summit in France, indicated flexibility on his personal attendance but noted that the process continues.
The MOU serves as a 14-point framework to extend the ceasefire, facilitate the reopening of the Strait of Hormuz, and launch negotiations toward a final agreement within 60 days, a period that can be extended by mutual consent. It calls for the immediate and permanent termination of military operations on all fronts, including Lebanon, with commitments not to initiate new operations or use force, while respecting Lebanon’s territorial integrity and sovereignty.
Under the agreement, the United States commits to beginning the lifting of its naval blockade immediately and fully ending it within 30 days, restoring proportional vessel traffic, with U.S. forces withdrawing from proximity to Iran within 30 days of a final deal. Iran commits to ensuring safe, toll-free passage for commercial vessels through the Strait of Hormuz for an initial 60-day period, with full restoration targeted within 30 days after addressing technical and military obstacles.
The two sides plan to develop, with regional partners, a framework for at least $300 billion in reconstruction and economic development for Iran, subject to licenses and waivers granted by the United States, with the implementation mechanism to be finalized in the final deal.
The United States intends to terminate all sanctions, including those under UN Security Council resolutions, IAEA measures, and U.S. primary and secondary sanctions, on an agreed schedule as part of the final deal. Iran will also reaffirm that it will not procure or develop nuclear weapons, with arrangements for the disposition of its enriched material stockpile, including on-site downblending under IAEA supervision.
Nuclear enrichment and related needs would be addressed in the final deal.
The agreement also includes immediate U.S. Treasury waivers for Iranian crude oil, petroleum products, derivatives, and associated services, including banking, insurance, and transportation, until sanctions termination. The United States commits to making frozen or restricted Iranian funds and assets fully available, with procedures to be agreed during negotiations and necessary licenses issued.
The MOU is performance-based, with benefits for Iran tied to compliance. Both sides retain the ability to walk away before a binding final agreement, and U.S. officials have emphasized readiness to resume military action if commitments are not met.