U.S. President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding remotely on Wednesday evening under which Tehran commits to reducing its level of uranium enrichment as part of upcoming negotiations, in exchange for the lifting of U.S. sanctions.
Washington and Tehran reached an agreement this week aimed at ending the conflict in the Middle East that began when the United States and Israel launched strikes against Iran on February 28. The conflict reportedly resulted in thousands of deaths, most of them in Iran and Lebanon.
Trump signed the memorandum—which also includes provisions related to the Lebanese front—during a visit to France.
“I just signed it,” Trump told reporters as he left the Palace of Versailles.
A White House official later posted a video on X showing Trump signing the agreement alongside French President Emmanuel Macron, smiling and giving a thumbs-up.
In Iran, Foreign Ministry spokesperson Esmaeil Baghaei confirmed that both presidents had signed the document.
Strait of Hormuz to Reopen
Pakistani Prime Minister Shehbaz Sharif said the agreement means that the Strait of Hormuz will reopen immediately and that the U.S. blockade imposed on Iranian ports will end at once.
He also confirmed that a ceremony will be held in Switzerland on Friday to mark the event and launch technical negotiations.
The agreement had initially been scheduled to be signed later this week in Switzerland by U.S. Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf.
Ghalibaf later described the agreement on Iranian state television as “a defeat for the United States.”
Meanwhile, Naim Qassem, Secretary-General of Hezbollah, called the agreement “a major victory” for Iran and thanked Tehran for insisting that the Lebanese front be included in the arrangement.
Two-Month Negotiation Period
According to a senior U.S. official who briefed journalists, the memorandum stipulates that the United States will immediately suspend sanctions on Iranian oil sales upon signature.
Washington also commits to lifting all sanctions on Iran if a final agreement is reached at the end of a 60-day negotiation period.
During those two months, the two countries will discuss a mechanism for dealing with Iran’s stockpile of enriched uranium. The document states that the minimum requirement of such a mechanism is reducing enrichment levels under the supervision of the International Atomic Energy Agency.
The U.S. official described the Iranian commitment as “a major victory” for Washington.
Under the agreement, Iran must fully restore maritime navigation through the Strait of Hormuz within 30 days. The continued closure of the strategic waterway has been blamed for significant disruptions to the global economy.
The United States also pledged, if a final agreement is reached, to work with regional partners—particularly Gulf countries—on a jointly agreed reconstruction and economic development plan for Iran worth at least $300 billion, without any direct U.S. financial contribution.
Iran’s official news agency Islamic Republic News Agency published the full text of the agreement on Wednesday.
Leaders of the Group of Seven, meeting in France for their summit, welcomed what they described as a “historic opportunity” to prevent Iran from acquiring nuclear weapons and to address concerns related to its regional and ballistic activities.
China, meanwhile, stressed that all parties must fulfill their commitments and avoid external interference. Chinese Foreign Minister Wang Yi urged proper management of navigation through the Strait of Hormuz and a prudent response to international concerns during a phone call with Iranian Foreign Minister Abbas Araghchi.
Oil prices ended Wednesday’s trading session slightly higher as investors remained cautious regarding the agreement. Global benchmark Brent Crude rose by 0.75%, reaching $79.55 per barrel.
AFP
