A senior Trump administration official on Wednesday confirmed details of a framework agreement between the United States and Iran that is due to be formally signed this week.
The memorandum of understanding aims to bring about the "immediate and permanent termination of military operations on all fronts, including in Lebanon," the official told journalists on condition of anonymity.
Under the terms of the document, neither side would carry out further military operations against the other after the agreement is signed.
The two parties also commit to "respect each other's sovereignty and territorial integrity and to refrain from interfering in each other's internal affairs."
They further agree to begin negotiations aimed at reaching a final settlement within a maximum of 60 days, although that deadline could be extended by mutual consent.
According to the text, the US naval blockade imposed on Iran would be fully lifted within 30 days of the signing of the framework agreement.
Commercial vessels would be guaranteed safe and toll-free passage through the Strait of Hormuz for 60 days. The US official said Iran was expected to work with Oman and other Gulf states bordering the waterway on a longer-term arrangement to ensure continued free passage.
If the US and Iran succeed in reaching a final settlement, Washington would reduce its military presence in the region to pre-war levels within 30 days of that accord being concluded, the official said.
Iran offered sanctions relief, reconstruction package
The United States also commits under the framework agreement to work with regional partners on a plan worth at least $300 billion for the reconstruction and economic development of Iran.
The document also outlines broad sanctions relief for Tehran, a central demand of the Iranian government.
According to the US version of the text, the Treasury Department would immediately grant waivers for exports of Iranian crude oil, petroleum products and derivatives, as well as related services such as banking transfers, insurance and shipping.
Washington further commits to lifting all sanctions currently imposed on Iran, including those linked to resolutions of the UN Security Council and the International Atomic Energy Agency (IAEA), as well as unilateral US sanctions. The timeline for doing so would be negotiated as part of a final agreement.
During negotiations on a final accord, Washington would also release Iranian assets that are currently frozen or restricted and make them fully available to Iran's central bank, provided Tehran complies with the framework agreement.
Questions remain, however, over how sanctions relief could be implemented in the long term.
While a US president can grant temporary waivers on national security grounds, congressional approval would likely be required as part of a permanent settlement.
Framework tackles nuclear dispute
The framework deal, which is often described by Washington as a memorandum of understanding, also touches on perhaps the thorniest issue: Iran's nuclear programme.
According to the US official, the text states: "The Islamic Republic of Iran reaffirms that it shall not procure or develop nuclear weapons."
The two sides agreed that the issue of highly enriched uranium and other mutually agreed nuclear matters, including Iran's civilian nuclear needs, would be addressed in the final peace deal. As a minimum measure, the material is to be diluted under IAEA supervision.
Until a final agreement is reached, both sides would maintain the status quo, with Iran freezing further advances in its nuclear programme and the US refraining from imposing new sanctions or reinforcing its military presence in the region.
The US and Israel launched attacks on Iran on February 28, citing among their stated aims the prevention of an Iranian nuclear weapons programme.
Iran responded with attacks on Israel, US military bases and other targets across the Gulf region. A fragile ceasefire has been in place for more than two months, although sporadic clashes have continued.
Uncertainty surrounds signing ceremony
Attention is also focussed on the signing of the framework agreement, which Iran's Foreign Ministry said on Wednesday evening could potentially be carried out digitally by the presidents of both countries.
This could be "a better option in some respects," Foreign Ministry spokesman Esmail Baghaei told state broadcaster IRIB, adding that a meeting between the two sides scheduled for Friday in Switzerland would nevertheless still go ahead as planned.
"All possible aspects are being reviewed in this regard, and we are aiming for a meeting without unnecessary frills," he said.
Analysts say Tehran is keen to avoid a public handshake with US representatives or images from a signing ceremony. Iran continues to hold the US responsible for the killing of supreme leader Ali Khamenei on February 28, making such gestures politically sensitive at home.
The comments came after Trump suggested at the G7 summit in Évian, France, that the agreement could be signed earlier than planned, possibly as soon as Thursday.
Asked why he would not remain in Europe for the signing ceremony, Trump said he might do so after all. Until now, Vice President JD Vance had been expected to travel to Switzerland on Friday to formally sign the agreement on behalf of Washington.
The signing process has remained murky since Trump announced the deal at the weekend.
Earlier this week, his administration said Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf had already signed the agreement electronically, leaving unclear whether further signatures are required - and who would ultimately sign the document in Switzerland.
Trump: Break the deal, face the bombs
Trump also stressed that the agreement remained conditional and threatened renewed military action if Iran failed to comply with its terms.
“It’s a memorandum of understanding, and if I don’t like it, we’ll go back to shooting at them, dropping bombs on their heads. I don’t like it if they don’t behave. We’ll go right back to dropping bombs right smack in the middle of their head,” Trump warned at the G7.
