BREAKING: The US has released the full text of its 14-point "Memorandum of Understanding" with Iran.

Key terms include:

1. The US, Iran, and their allies agree to immediately and permanently end military operations on all fronts, including in Lebanon
   
   
2. The US and Iran agree to respect each other's sovereignty and territorial integrity and not interfere in each other's internal affairs
   
   
3. The US and Iran commit to negotiating and reaching a final deal within 60 days, unless mutually extended
   
   
4. The US will begin removing its naval blockade immediately and fully end the blockade within 30 days
   
   
5. Iran will use its best efforts to ensure safe passage for commercial vessels through the Strait of Hormuz for 60 days with no charge
   
   
6. The US and regional partners will develop a mutually agreed plan of at least $300 billion for Iran's reconstruction and economic development
   
   
7. The US will work toward terminating all types of sanctions against Iran, including UN, IAEA, primary, and secondary sanctions
   
   
8. Iran reaffirms that it will not procure or develop nuclear weapons and agrees to address its enriched material stockpile under IAEA supervision
   
   
9. Until a final deal is reached, Iran will maintain the current status quo of its nuclear program, while the US will impose no new sanctions and deploy no additional forces
   
   
10. The US Treasury will issue waivers for Iranian crude oil, petroleum products, derivatives, and associated banking, insurance, and transportation services
    
    
11. The US will make frozen or restricted Iranian funds and assets fully available for use
    
    
12. The US and Iran will establish an executive mechanism to monitor implementation of the MOU and future compliance with the final deal
    
    
13. After signing the MOU and implementing key ceasefire, blockade, shipping, oil waiver, and asset-release provisions, the US and Iran will begin final deal negotiations
    
    
14. The final deal will be endorsed by a binding UN Security Council resolution
    
    The memorandum will trigger a 60-day window to negotiate a final deal.