US releases text of ceasefire deal struck with Iran as weekend talks loom

Senior US officials have read out the text of a memorandum of understanding struck with Iran, setting out the main terms of a ceasefire and wider diplomatic deal. The agreement includes American commitments to remove sanctions imposed on Tehran, alongside provisions on uranium down-blending and regional security. Officials said the two sides electronically signed the memorandum over the weekend and are expected to sign it again in person on Friday.

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The draft text also refers to a $300 billion reconstruction fund for Iran, to be financed through private equity from several countries. It says the US would work to end all American and United Nations sanctions on Iran, although the timing and scope of any relief remain unclear. Officials said the agreement includes a new minimum standard for down-blending highly enriched Iranian uranium.

It also contains language aimed at ensuring the territorial integrity of Lebanon after Israel's latest attacks against Hezbollah in Lebanese territory. The draft further says the Strait of Hormuz would have toll-free passage for 60 days, while not ruling out fees in future. That detail is significant because the waterway is a major route for global energy shipments and a point of long-running strategic tension.

The officials said a meeting between the US and Iran in Switzerland this weekend would be critical in determining how the talks proceed. US President Donald Trump has warned that he is prepared to resume fighting if the deal fails. The agreement comes against the backdrop of the wider Iran war context, with the US and Iran now moving from military confrontation toward a negotiated pause.

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The inclusion of sanctions relief, uranium restrictions and regional clauses suggests the talks are not limited to a narrow ceasefire. They also appear to touch on issues that have shaped years of confrontation between Washington and Tehran, including Iran's nuclear programme, pressure on Hezbollah and the security of Gulf shipping routes. The reference to Lebanon indicates the deal is also being framed in broader regional terms.

The planned reconstruction fund would be a major economic element if it is implemented, but the source material does not make clear how it would be administered or when any money would flow. The mention of private equity from multiple countries suggests outside financial backing is being considered, although no participants were named. The sanctions language is also broad, covering both American and UN measures, which would require further clarification in any final agreement.

For Iran, any relief would be closely watched because sanctions have been central to its economic isolation. What remains unclear is whether the current text will hold through the Switzerland talks and whether the in-person signing on Friday will go ahead as planned. It is also not clear how the uranium down-blending standard will be verified, or what enforcement mechanism would apply if either side breaches the deal.

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