The deal kicks off a 60-day period of negotiations before both sides reach a final agreement.
ÉVIAN-LES-BAINS, France—President Donald Trump clarified the details of the Iran deal during his closing press conference at the G7 leaders’ summit in France on June 17, addressing widespread speculation triggered by a leaked draft a day earlier.
After officials in Iran and Israel offered their own interpretations of the leaked document, the Trump administration decided to release the terms of the highly anticipated memorandum of understanding (MOU) earlier than planned.
An official told The Epoch Times on June 17 that Trump and Iran had signed the MOU.
While Trump was holding his press conference at the summit site in the French resort of Évian-les-Bains, officials in Washington held a conference call with reporters to read the full text of the document and provide clarifications.
Here are the main takeaways from the document and the president’s remarks.
60 Days of Negotiations
The deal kicks off a 60-day period of negotiations before both sides reach a final agreement to end the war and determine the fate of Iran’s “nuclear needs.”
During the 60-day period, all commercial vessels will be granted safe passage through the Strait of Hormuz, free of charge, from the Persian Gulf to the Sea of Oman.
Iran also has agreed to immediately begin downblending its stockpile of highly enriched uranium.
If the parties comply with the deal and the talks prove successful, the United States will sign a final agreement with Iran that will include relief from U.S. sanctions.
Tehran Will Begin Selling Oil
Once the MOU is signed, the United States will permit Iran to immediately sell crude oil, petrochemical products, and related goods, providing critical economic support to the Iranian regime. The sanctions waivers also include key services such as banking, transportation, and insurance that are needed to support oil sales.
This provision, numbered 10 in the MOU, has faced criticism.
The Trump administration has defended it, saying that continuing to sanction Iranian oil is ineffective, as the current system allows China to purchase this oil at a significant discount.
“It’s absurd to sanction Iranian oil in such a way that they are still allowed to sell that oil. We just give China a big fat discount,” one U.S. official explained during the call.
Another official said that letting Iran sell its oil will help bring down global prices, which in turn will lower gas prices for American families.
Iran Won’t Pursue Nuclear Weapons
For the Trump administration, the linchpin of the memorandum is Washington’s nuclear demands, which must be met before any sanctions relief or economic waivers.
By Emel Akan and Jacob Burg
