The draft memorandum outlines a three‑phase process. Phase 1 calls for an immediate cease‑fire across the region, including Lebanon, and the lifting of the U.S. naval blockade on Iran. Phase 2, covering the first 30 days after signing, includes U.S. pledges not to interfere in Iran’s internal affairs, no troop buildup, and no new sanctions; Iran reaffirms its NPT commitments and agrees to keep the Strait of Hormuz open. The United States would release half of Iran’s frozen assets ($12 billion) within 30 days, issue oil‑export waivers, and begin talks with Israel on withdrawing forces from Lebanon.
Phase 3 launches a 60‑day negotiation period—extendable by mutual consent—during which the remaining $12 billion would be released, a reconstruction fund of at least $300 billion would be proposed, and detailed talks on nuclear issues, full sanctions relief, and a monitoring mechanism would take place. The final agreement is intended to be endorsed by a UN Security Council resolution.