The United States has released the text of a 14-point memorandum of understanding with Iran regarding a ceasefire, which includes a 60-day pause in hostilities, the reopening of the Strait of Hormuz, and the easing of certain financial restrictions on Iran. The document also proposes a $300 billion development or reconstruction fund for Iran, contingent on the conclusion of a final agreement. The formal signing is scheduled for Friday in Switzerland.

President Donald Trump and Vice President JD Vance electronically signed the memorandum of understanding on Sunday, according to Military Times. However, Iran has not confirmed the text, and Iranian officials have not verified its contents. While U.S. sources assert the document has been signed, Iran has not confirmed its acceptance, creating a discrepancy over whether the agreement is formally accepted by both sides.

Iran’s Foreign Ministry spokesperson Esmaeil Baghaei stated that no new talks are planned for now and that Tehran refuses further negotiations due to alleged U.S. violations of the ceasefire, including a naval blockade on Iranian ports and an attack on an Iranian cargo ship. Baghaei also said the U.S. repeatedly changed its positions during talks and is not serious about diplomacy. The U.S.-released text implies the ceasefire is intended to enable further negotiations toward a final deal.

According to Middle East Eye, the memorandum states that military operations on all fronts, including in Lebanon, are to be terminated. Time.com reported that the document includes a provision that Iran can never develop a nuclear weapon and that Iran’s existing stockpile of enriched material will be addressed through down-blending under IAEA supervision. Middle East Eye, however, reported that the memorandum does not address Iran’s enriched uranium or mention its conventional military forces, such as ballistic missiles.

Trump threatened military escalation if Iran breaches the agreement. The agreement is not yet binding and either side may withdraw.