The detailed contents of the end-of-war memorandum of understanding (MOU) draft that Iran and the United States are finalizing have been made public. The draft reportedly includes an immediate cease-fire, easing of sanctions on Iran, reopening of the Strait of Hormuz, release of frozen funds, and withdrawal of U.S. forces.

The semi-official Iranian outlet Mehr News reported on the 12th (local time) the contents of the 14-point end-of-war MOU under discussion between the United States and Iran.

According to the report, the 14 points include ‘Immediate and permanent cessation of hostilities on all fronts, including Lebanon’, ‘A U.S. pledge to respect the sovereignty of Iran and refrain from interference in its internal affairs’, ‘Complete lifting of the U.S. maritime blockade within 30 days’, and ‘A U.S. pledge to withdraw U.S. forces from areas around Iran’.

In the economic sphere, the contents included ‘Reopening of the Strait of Hormuz within 30 days in a manner set by Iran’, ‘Suspension of sanctions on oil·petrochemical products and related derivatives’, ‘Guarantee of access to overseas financial assets of Iran’, and ‘Presentation by the United States and allied countries of a plan for reconstruction of Iran worth at least 300 billion dollars (about 450 trillion KRW)’.

A framework for follow-up talks on the nuclear issue was also prepared. The provisions reportedly include ‘Launch of 60 days of talks to address issues concerning the Iran nuclear program, the U.S. 1·2 rounds of sanctions against Iran, UN Security Council resolutions, and resolutions of the International Atomic Energy Agency (IAEA) Board of Governors’, ‘Reaffirmation of the principle of non-possession of nuclear weapons by Iran’, and ‘During the talks, a halt to additional deployments of U.S. forces to the Middle East and a stop to imposing new sanctions’.

Release of Iran frozen funds was also included as a key condition. The United States reportedly agreed to first release 12 billion dollars (about 18 trillion KRW) of Iran overseas frozen funds before the start of the final talks, and to guarantee that the remaining 12 billion dollars can also be used by Iran during the negotiation period.

Mehr News explained that the 60 days of final talks will begin only after the release of frozen funds, the suspension of oil sanctions, and the lifting of the maritime blockade are actually implemented. The negotiation agenda is expected to be limited to a plan to handle highly enriched uranium, further sanctions relief, and rebuilding of the Iranian economy.

However, Iran was said to have maintained the position that the ballistic missile program is excluded from the talks. Mehr News reported, “The Iranian ballistic missile program will not be included in the follow-up negotiation agenda”.

The two sides are said to be discussing establishing a monitoring mechanism to check whether the agreement is implemented, and having the final agreement approved through a UN Security Council resolution.

However, Mehr News reported that this MOU is still at the draft stage, and approval by relevant decision-making bodies within Iran is required for final entry into force.

The U.S. government has also not issued an official position on the draft to date.