Iran has pledged never to produce nuclear weapons and to immediately begin reopening the Strait of Hormuz, while the US agreed to a set of financial incentives including lifting of sanctions and a reconstruction fund worth $300 billion (€258.5bn), according to a 14-point document that appears to lay out the full terms of the US-Iran framework deal.
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The draft’s veracity, made public by Arabic-language media in parallel, has not yet been officially confirmed by either Washington or Tehran. It also remains unclear whether the draft that circulated at G7 meetings will be the version formalised at a ceremony on Friday.
US President Donald Trump appeared irritated by the leaks, telling reporters on the margins of the G7 that “no one knows what it (the deal) is, but it will be very strong”. He also warned that if Iran does not comply with the terms, the US would get “back to bombing.”
Sources speaking to Euronews said that the US delegation shared the contents of the memorandum of understanding with the other G7 leaders. One diplomat described it as a roughly two-page document that could serve as the basis for a deal.
The document states in article 1 that “Iran and the US, together with their allies in the current war, declare upon the signing of this MoU an immediate and permanent end to the war on all fronts, including Lebanon, and commit that from now on they will refrain from the threat or use of force against each other.”
It is unclear if the mention of “allies” relates to Israel, which so far has officially stated multiple times that its leadership was not consulted for what it called “Trump’s deal,” and that it would press on with its own military offensives to defend its nation.
Israel’s cessation of its offensive against Iran’s proxy Hezbollah in Lebanon has been a key demand from Tehran for any agreement towards a peace process, and it is indicative that the document now includes Lebanon in the joint commitment for a “permanent end to the war on all fronts.”
It is further unclear whether the mention of allies also encompasses European nations, which have provided defence capabilities to neighbouring countries which came under Iran’s attacks during the active phase of the war that began in February.
Hormuz to go back to normal within a month
According to the document, the US commits to lift the naval blockade of Iranian ports “Immediately upon signing,” while Iran “will immediately take steps to ensure that the movement of merchant ships from the Persian Gulf to the Sea of Oman and vice versa is resumed.”
Both sides also commit to restoring the maritime traffic within a maximum of 30 days “to its full capacity”.
The document says this timeframe is also needed for “the removal of technical obstacles and the neutralisation of mines by Iran,” an obstacle acknowledged by US officials, who said that a return to pre-war capacity could take longer.
At the G7, Trump reiterated that the reopening of the strait would take place on Friday, coinciding with the ceremony in Lucerne, Switzerland. US Vice President JD Vance, rather than Trump, is expected to attend.
G7 leaders insisted in a joint declaration that full freedom of navigation must be restored.
The document does not fully clarify whether over the next 60 days of peace negotiations Iran will continue to assert its longstanding claim of sovereignty over the Strait of Hormuz, under which it would regulate navigation and charge passage fees, as Tehran has repeatedly stated since the start of the war.
In addition, global shipping companies have repeatedly stated that resuming navigation through the Strait of Hormuz would require new planning for vessels, crews, lanes, insurance and other aspects.
A diplomat familiar with the discussions separately told Euronews that European countries would not pay a toll for passage and had been reassured by Trump administration officials that the waterway would reopen without requiring any payments.
European leaders, led by French President Emmanuel Macron, suggested that a maritime mission could be deployed to ensure safe passage — a proposal that was included in a joint declaration issued by the G7 in the early hours of Wednesday.
The declaration welcomed Trump’s efforts, acknowledged the framework agreement and pointed to renewed momentum in the Middle East.
Billions on the table
In the document, the US accepts and commits to several key Iranian financial demands.
The US and its regional partners commit to financing of at least $300 billion for the “rehabilitation and economic development plan of Iran,” unfreezing funds and assets based on negotiation progress, the lifting of “all types of sanctions” on Iran, as well as US Treasury waivers for exports of Iranian crude oil and all associated services.
Iran has repeatedly pushed for war reparations and reconstruction payments as a condition for agreeing to a peace deal.
In exchange, Iran has unconditionally accepted Washington’s crucial demand, stating directly that Tehran “reiterates it will never produce nuclear weapons.”
Iran has kept insisting that it previously agreed not to produce nuclear weapons as part of the JCPOA deal with the previous Obama administration, which was then annulled by Trump.
Former US national security adviser John Bolton, who worked for Trump in his first term, told Euronews the deal is a “bad” outcome for US and global security, suggesting that the US president was “played like a violin” by Iranian negotiators.
The deal, according to Bolton, does not guarantee the dismantling of Iran’s nuclear programme and would see Iran financially compensated through the lifting of sanctions.
Trump said sanctions would only be lifted if Tehran behaves, while Vance said other countries may want to invest in Iran’s future, but only if it acts like a “normal country”.
As for the Europeans, European Commission President Ursula von der Leyen said the EU will only ease sanctions once it sees “real change on the ground”.
The leaked agreement does not specify where the money for the $300 billion reconstruction fund would come from.
Asked if the US would contribute financially, the US president told reporters Friday that “not a cent” would go to Tehran, while adding that he cannot prevent other countries from investing in Iran should they want to.
Trump also said he had not raised the issue with Gulf countries regarding their possible contribution to the reconstruction fund. Leaders of Qatar and the United Arab Emirates held bilateral talks with the US on the margins of the G7 on Tuesday.
No regime change
The document further says that “Iran and the US commit to respect each other’s sovereignty and territorial integrity, and to refrain from interfering in each other’s internal affairs,” indicating that the US agreed to stop pursuing regime change in Iran.
Washington openly stated that regime change was its top objective before and after the start of the war, and one of the key goals of its military action against Tehran, also supported by Israel.
The language of the deal, by which the US commits to more points than Iran, seems to confirm earlier reports that Trump chose to offer concessions over the last weekend to push the deal through, when Iran was getting ready to strike Israel again over its bombings in Beirut.
The document’s last point, stating that “the final agreement will be approved through a binding resolution of the UN Security Council,” appears to affirm Tehran’s demand for further guarantees by the international community that the US and Israel will never attack Iran again.
The document’s final version might still shift before the ceremony on Friday, as technical details are still being hammered out and given the secrecy of all sides involved over its contents, according to reports.
Trump confirmed on Monday that the memorandum has already been electronically signed by the US and Iran, with no further details made public. He said the full text would be released sometime this week, without specifying a precise date.
“The deal’s all signed. And the strait is already partially opened,” Trump said shortly after arriving in France for a summit of G7 leaders.
Read the full text of the draft here.
