Breaking: US releases text of ceasefire deal struck with Iran

Senior US officials have read out the official text of the memorandum of understanding struck with Iran, which includes American commitments to remove sanctions imposed on Tehran.

Details of the agreement had already been emerging prior to the call, including that it included a $US300 billion ($424 billion) reconstruction fund for Iran funded by private equity from a number of countries. 

The agreement also says the US would work to end all American and United Nations sanctions imposed on Iran.

According to the officials, the draft agreement includes a new “minimum” standard for down-blending of highly enriched Iranian uranium and has provisions to ensure the “territorial integrity” of Lebanon after Israel’s latest attacks against Hezbollah in Lebanese territory.

The US draft of the agreement also secures toll-free passage of the Strait of Hormuz for only 60 days, and it does not preclude fees in future, the officials said.

The officials said a meeting between the US and Iran this weekend in Switzerland would be “critical” for seeing how the talks would proceed.

The US and Iran electronically signed the MoU over the weekend, but have indicated they will sign it again in person on Friday, local time.

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