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In a major diplomatic breakthrough and also what could be a big relief after three and a half months, US President Donald Trump and Iranian President Masoud Pezeshkian have formally executed a Memorandum of Understanding (MoU) aimed at ending the ongoing military operation that started in February this year.
The agreement was finalized digitally on Wednesday and takes effect immediately, bypassing the need for a physical signing ceremony that had been scheduled to take place in Switzerland.
Under the immediate terms of the deal, Iran will reopen the vital waterway, Strait of Hormuz, and the United States will lift its naval blockade. However, Iranian negotiators noted the strategic waterway will not return to pre-war conditions. Both Iran and Oman will retain responsibility for the strait, and Iran will charge fees for maritime services provided to transiting vessels.
Meanwhile, the US has also committed to immediately removing obstacles preventing Iran from accessing its frozen funds. Iran will be allowed to resume unrestricted oil sales, including transport and insurance, during an upcoming 60-day negotiation window.
The MoU establishes a 60-day period during which both nations must refrain from escalatory actions. The agreement outlines a massive $300 billion investment plan inside Iran, with a portion of the funds explicitly earmarked for post-conflict reconstruction. But, US need not contribute from its side.
On the nuclear front, Iran confirmed that its enriched uranium will remain inside the country, though options to dilute the material are being considered. Trump however made it clear that US forces would hit back at Iran if its leaders won’t stick to the stipulations in the deal.
So, unless either sides violate any of the conditions signed in the MoU, normalcy is likely to be restored in the coming days.
Tags Us iran
