US and Iran signed preliminary peace agreement

Photo: Anna Moneymaker / Getty Images

Iran and the US signed a preliminary peace agreement, US President Donald Trump and the Iranian Ministry of Foreign Affairs confirmed. The 60-day memorandum of understanding provides for a cessation of hostilities on all fronts, including Lebanon, the lifting of sanctions on Tehran, and the creation of a fund for Iran's reconstruction, writes the BBC.

"It's signed. Signed in Versailles. I just signed it," Trump confirmed after meeting with French President Emmanuel Macron at the Palace of Versailles. At the same time, Trump once again threatened to resume attacks if Iran does not fulfill its obligations.

Iranian President Masoud Pezeshkian also signed the memorandum.

The war with Iran, launched by the US and Israel on February 28, claimed thousands of lives, mainly in Iran and Lebanon. In response, Tehran attacked Israel and US allies in the Persian Gulf.

The conflict provoked a large-scale energy crisis due to Iran's de facto closure of the Strait of Hormuz.

On Wednesday, US administration officials gathered journalists during the G7 meeting in Evian and read them the text of the 14-point memorandum.

The agreement extends the ceasefire regime announced in April for another 60 days to allow the parties to agree on a final armistice.

Both Trump and members of his team emphasize that for now this is only a memorandum, and its provisions will be implemented only if Iran "behaves well." Trump once again did not rule out new bombings of Iran if a final agreement is not reached within the two-month period.

The memorandum contains the following key points:

— cessation of hostilities throughout the region. "Immediate and definitive cessation of military operations on all fronts, including Lebanon";

— cessation of the American naval blockade of Iranian ports within 30 days, followed by the withdrawal of all American forces from Iranian borders within 30 days after the signing of a final peace treaty;

— opening of the Strait of Hormuz. It will be open for duty-free passage of vessels for 60 days, after which Iran, as reported by a US administration official, "in cooperation not only with Oman, but also with other Gulf states, will develop a broader and long-term agreement regarding the Strait of Hormuz";

— 300 billion dollars for the reconstruction and development of Iran. The US promises, together with its partners in the region, to create a fund for the "reconstruction and economic development of the Islamic Republic of Iran" totaling no less than 300 billion dollars;

— cancellation of all sanctions against Tehran. The US promises to "cancel all types of sanctions against the Islamic Republic of Iran"; the schedule for their cancellation is to be agreed upon later;

— absence of nuclear weapons in Iran. The US and Iran agree that the latter will never create or acquire nuclear weapons, and will also cooperate in eliminating Iran's enriched uranium.

US officials, having familiarized journalists with the memorandum, once again emphasized that it does not obligate the United States to anything and that the implementation of its points will depend on how Iran behaves.

Furthermore, regarding the 300 billion dollar fund, they stated that the US does not commit to contributing funds to it: they only promise, together with partners in the region, to develop a plan for Iran's reconstruction and development totaling no less than 300 billion dollars.

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