The Full Text of Trump's 14-Point Iran Deal: Lift the Blockade, Waive Oil Sanctions, Unfreeze Assets, Pay $300 Billion — and Iran Keeps Its Missiles, Its Proxies, and Its Nuclear Program

On June 17, 2026, a senior U.S. official read the full text of the 14-point "Islamabad Memorandum of Understanding" between the United States and Iran to reporters. The document — which the administration had refused to release publicly until forced by outcry — reveals what the United States agreed to give, and what it got in return.

Here is the full text, followed by what it means.

Full text of the Islamabad Memorandum of Understanding

Between the United States of America and the Islamic Republic of Iran

1. The Islamic Republic of Iran and the United States, together with their allies in the current war, declare upon the signing of this Memorandum of Understanding an immediate and permanent end to the war on all fronts, including Lebanon, and undertake that from now on they will not launch any hostile action against each other and will refrain from the threat or use of force against each other. The final agreement will confirm the provisions of this Article and the remaining Articles.

2. The Islamic Republic of Iran and the United States undertake to respect each other's sovereignty and territorial integrity, and to refrain from interfering in each other's internal affairs.

3. The Islamic Republic of Iran and the United States undertake to negotiate and reach a final agreement within a maximum period of 60 days, extendable by mutual consent.

4. Immediately upon the signing of this Memorandum of Understanding, the United States shall lift the naval blockade and prevent any interference or obstruction against the Islamic Republic of Iran, and restore traffic within a maximum of 30 days to its full capacity; the traffic of ships shall be proportional to the pre-war volume of traffic on the part of the Islamic Republic of Iran. The United States also undertakes to withdraw its forces from the surrounding areas within 30 days after the final agreement.

5. Upon signing this Memorandum of Understanding, the Islamic Republic of Iran will immediately take steps to ensure that the movement of merchant ships from the Persian Gulf to the Sea of Oman and vice versa is resumed within 30 days to the pre-war volume, taking into account the need for the removal of technical obstacles and the neutralisation of mines by Iran.

6. The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, while ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days.

7. The United States commits to ending, on a schedule to be agreed upon as part of the final agreement, all types of sanctions currently facing the Islamic Republic of Iran, including resolutions of the United Nations Security Council and the Board of Governors of the International Atomic Energy Agency (IAEA), and all unilateral U.S. sanctions, both primary and secondary.

8. The Islamic Republic of Iran reiterates that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran's nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article.

9. The Islamic Republic of Iran and the United States agree that, pending a final agreement, they will maintain the status quo: Iran will maintain the status quo on its nuclear program, and the United States will not impose new sanctions on Iran or strengthen its forces in the region.

10. The United States undertakes that immediately after the signing of this Memorandum of Understanding, and until the date of the lifting of sanctions, the United States Treasury Department will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives, and all related services, including banking, insurance, transportation, and the like.

11. The United States undertakes that, in light of the progress of negotiations towards a final agreement, frozen or restricted funds and assets of the Islamic Republic of Iran will be released and made fully available. These funds, whether held in the master account or transferred, will be used for any final beneficiary payment determined by the Central Bank of the Islamic Republic of Iran and will be fully available for use. The United States undertakes to issue all necessary permits and licenses on this basis.

12. The Islamic Republic of Iran and the United States agree that an implementation mechanism will be established to oversee the successful implementation of and future commitment to the Final Agreement.

13. Following the signing of this Memorandum of Understanding, and upon receipt of assurances regarding the commencement of implementation of Articles 4, 5, 10, and 11 of this Memorandum of Understanding, and the continued implementation of these steps, the Islamic Republic of Iran and the United States will enter into negotiations for a Final Agreement solely with respect to the remaining Articles.

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

What the United States gives

Read it again. Count the commitments:

1. Lift the naval blockade immediately (Article 4)
2. Withdraw U.S. forces from the region within 30 days of the final deal (Article 4)
3. Waive all oil sanctions immediately — crude, petrochemicals, derivatives, banking, insurance, transportation (Article 10)
4. Unfreeze all Iranian assets and make them "fully available for use" as directed by Iran's Central Bank (Article 11)
5. End all sanctions — UN Security Council, IAEA, and all unilateral U.S. sanctions, primary and secondary (Article 7)
6. Fund $300 billion in reconstruction for Iran with regional partners (Article 6)
7. Impose no new sanctions and not strengthen forces in the region during the 60-day negotiation period (Article 9)
8. Respect Iran's sovereignty and refrain from interfering in its internal affairs (Article 2)

What the United States gets

1. Iran "reiterates" it will never produce nuclear weapons — a promise Iran already made under the NPT and under Obama's JCPOA. No new commitment
2. Iran reopens the Strait of Hormuz — which was open before the war. Iran closed it because of the war. This is not a concession; it is reverting to the status quo ante
3. A ceasefire — ending a war that the U.S. started
4. Iran maintains the "status quo" on its nuclear program — meaning whatever enrichment level it has now, it keeps

What is not in the document

The following do not appear anywhere in the 14 points:

• Iran's ballistic missile program — not mentioned, not restricted, not on the negotiating agenda
• Iran's support for proxy groups (Hezbollah, Houthis, Iraqi militias) — not mentioned
• Iran's enriched uranium stockpile — "deferred" to the final agreement (Article 8). Iran keeps what it has during the 60-day window
• Verification mechanisms — no inspection regime, no IAEA access provisions, no snap-back
• Any reference to Iran's drone program
• Any limits on enrichment levels or centrifuge numbers
• Any accountability for the war — no reparations for American casualties, no acknowledgment of Iranian civilian deaths

Trump withdrew from the JCPOA in 2018 because it did not address Iran's missile program. He then started a war, killed over 1,700 Iranian civilians including 254 children, and signed a deal that does not address Iran's missile program.

Worse than the "worst deal ever"

Trump called Obama's 2015 JCPOA the "worst deal ever." A comparison:

	Obama's JCPOA (2015)	Trump's MOU (2026)
Enrichment	Capped at 3.67% for 15 years	"Status quo" — no cap specified
Centrifuges	Limited to 5,060 for 10 years	Not mentioned
Stockpile	Limited to 300 kg LEU	"Deferred" to final deal
Inspections	Comprehensive IAEA access	Not mentioned
Snap-back	Automatic sanctions reimposition	Not mentioned
Missiles	Not addressed (Trump's chief criticism)	Not addressed
Sanctions relief	Phased, tied to compliance	Immediate oil waivers, full asset unfreeze
Reconstruction aid	None	$300 billion
U.S. troop withdrawal	Not required	Required within 30 days of final deal
Cost	No war	A war that killed thousands

On every metric except one, Trump's deal gives Iran more and gets less than the deal he called the worst ever negotiated. The one exception: Trump's deal ends a war. But only because he started one.

The response

Sen. Chris Murphy (D-CT):

"Make no mistake: these are Iran's terms. They made one single concession — opening the Strait. And it's not even a concession because the Strait was open before the war."

Murphy called the deal "essentially surrender" while acknowledging Americans "should be glad about it" because "every day it continues, our nation gets weaker, costs keep going up, Iran gets stronger."

The Institute for the Study of War: Iran "emerged from the conflict in a stronger strategic position." It warned Iran would "likely use [economic relief] to try to reconstitute its missile, drone, and nuclear programs, as well as the Axis of Resistance."

Former chief Iran analyst Danny Citrinowicz: The MOU "amounts to a significant strategic failure: the regime has been strengthened, deterrence has not been achieved, and the United States is not expected to embark on an adventure of this kind again in the foreseeable future."

Sen. Adam Schiff: Trump's "war of choice has been an enormous strategic loss for our country and only emboldens Iran."

Iranian parliamentary speaker Qalibaf: "Iran took a great step toward final victory."

The administration's defense

U.S. officials downplayed the document, calling it a "political document" and saying "what's more important than the actual document is the understandings we have with each other."

White House communications director Steven Cheung said the leaked text "does not reflect the language of the actual MOU." The administration then released the text — and it was substantially the same.

Trump: "It's not final. If they don't live up to their commitments, we'll go back to dropping bombs."

The 60-day time bomb

The MOU gives 60 days to negotiate a final agreement. But Article 13 reveals the sequencing trap: negotiations on the "remaining Articles" — including nuclear issues — only begin after the U.S. has started implementing Articles 4, 5, 10, and 11. That means:

1. The U.S. lifts the blockade first
2. The U.S. waives oil sanctions first
3. The U.S. unfreezes assets first
4. Then Iran comes to the table to discuss nuclear issues

Iran's deputy foreign minister confirmed: nuclear discussions "would not begin until Washington meets its obligations first." The U.S. gives away its leverage before negotiations even start.

The formal signing is scheduled for June 19 at the Bürgenstock resort near Lucerne, Switzerland. Trump and Vance will sign for the United States. Iranian parliamentary speaker Ghalibaf will sign for Iran. Pakistan and Qatar mediated. Israel was not consulted, and Netanyahu has said he does not feel bound by the agreement.

What this document says

This is the text of Trump's peace deal. It is 14 points long. In those 14 points, the United States commits to lifting its blockade, waiving sanctions, unfreezing assets, withdrawing troops, funding $300 billion in reconstruction, and ending every sanction — UN, IAEA, and unilateral — currently imposed on Iran. In return, Iran reiterates a promise it made in 1970 under the NPT. It reopens a strait it closed because of a war Trump started. And it agrees to maintain the "status quo" on a nuclear program that has advanced further than at any point in history.

This is the deal that replaced the "worst deal ever." It is, by every measurable standard, worse.