The United States and Iran are scheduled to meet in Switzerland on June 17, 2026, to sign a memorandum of understanding aimed at halting hostilities in the region for 60 days. The agreement includes provisions to address Iran's nuclear ambitions and conditional lifting of sanctions on Tehran.
According to a reported 14-point plan, the agreement calls for a ceasefire on all fronts, particularly in Lebanon, and allows for an extension with mutual consent. The U.S. will lift its naval blockade of the Strait of Hormuz, with transit expected to return to prewar levels within 30 days. Additionally, U.S. forces are to withdraw within 30 days of signing the agreement, while Iran will remove naval mines to facilitate shipping.
The memorandum stipulates that Iran will receive sanctions relief on a schedule to be agreed upon, including the lifting of unilateral U.S. sanctions. Furthermore, a plan to rebuild Iran's economy and infrastructure will be developed with U.S. and regional partners, with financing expected to reach at least $300 billion, although Vice President JD Vance indicated that this funding would come from the Gulf Coast Coalition, contingent on Iran's compliance with the agreement.
On the nuclear front, Iran has agreed to not produce nuclear weapons, although the agreement does not include a stipulation against purchasing them. Both sides will discuss Iran's remaining uranium supply and maintain the status quo, meaning Iran will freeze its nuclear program while the U.S. refrains from imposing new sanctions or increasing military presence in the region.
Following the signing of the agreement, the U.S. Treasury Department will issue waivers for operations related to Iran's oil exports and will release Tehran's frozen assets, allowing for unrestricted spending, contingent on ongoing peace negotiations.
The final agreement will require approval from the U.N. Security Council, which will be addressed once the Strait of Hormuz is open and Iran can resume oil exports.