U.S. President Donald Trump signed a memorandum of understanding between the U.S. and Iran while in Versailles. This was reported, according to TASS, by White House press-pool journalists accompanying the American leader on his trip to France.

“The White House confirmed that the president signed a memorandum of understanding while in Versailles,” the press pool said.

Earlier, Axios published the purported text of the memorandum:

1. Ending the war on all fronts  

The parties declare an immediate and permanent cessation of military operations on all fronts, including Lebanon. They commit not to start wars and not to use force against one another, and they also guarantee Lebanon’s territorial integrity and sovereignty.

2. Respect for sovereignty and non-interference  

The U.S. and Iran commit to respect each other’s sovereignty and territorial integrity and to refrain from interfering in internal affairs.

3. 60 days for a final agreement  

The parties commit to hold talks and reach a final agreement within a maximum of 60 days, with the possibility of extension by mutual consent.

4. Lifting the naval blockade and withdrawing forces  

The U.S. begins lifting the naval blockade and any obstacles against Iran immediately. The process must be fully completed within 30 days. During this period, shipping traffic will be proportional to Iran’s restoration of pre-war volumes. The U.S. also commits to withdraw forces from the “vicinity of Iran” within 30 days after the final agreement.

5. Opening the Strait of Hormuz  

Iran commits to ensure the safe passage of commercial vessels without charging fees within 60 days. Traffic will begin immediately, but taking into account demining and the removal of technical obstacles, it will be fully restored within 30 days. Iran will also hold a dialogue with Oman on the future administration of the strait together with other coastal states.

6. $300 billion for Iran’s reconstruction  

The U.S., together with regional partners, commits to develop a coordinated plan for Iran’s reconstruction and economic development totaling at least $300 billion. The implementation mechanism will be determined within 60 days as part of the final agreement.

7. Cancellation of all sanctions  

The U.S. commits to lift all types of sanctions against Iran—from UN Security Council and IAEA resolutions to unilateral U.S. primary and secondary restrictions—in accordance with an agreed schedule within the framework of the final agreement.

8. Renunciation of nuclear weapons and the fate of uranium  

Iran confirms that it will not create or develop nuclear weapons. The parties agreed on a mechanism to resolve the fate of stocks of enriched uranium. One option is dilution on site under IAEA supervision. Issues of enrichment and Iran’s nuclear needs will also be discussed.

9. Status quo during the negotiations  

The parties agree to maintain the status quo until the final agreement: Iran maintains the current level of its nuclear program; the U.S. does not impose new sanctions and does not increase its military presence in the region.

10. Authorization to export Iranian oil  

The U.S. commits, immediately after the memorandum is signed and until sanctions are lifted, to issue authorizations for the export of Iranian crude oil, petroleum products, and derivatives, as well as all related services—banking, insurance, and transportation.

11. Unfreezing of assets  

The U.S. commits to ensure full access to Iran’s frozen or restricted funds and assets after implementation of the memorandum. Procedures will be agreed during the talks. Funds will be available for any payments as directed by the Central Bank of Iran.

12. Oversight mechanism  

An executive mechanism will be created to monitor the successful implementation of the memorandum and compliance with the final agreement.

13. Sequencing of negotiations  

After signing the memorandum and receiving assurances that implementation of points 4, 5, 10, and 11 (blockade, strait, oil, assets) has begun, the parties will begin negotiations on the final agreement exclusively on the remaining points.

14. UN Security Council approval  

The final agreement will be approved by a binding resolution of the UN Security Council.