Iran and US sign 14-point memorandum of understanding in Islamabad

WASHINGTON, United States — Iran and the United States signed a 14-point memorandum of understanding in Islamabad on June 18, 2026. Iran declined a protocol ceremony hosted by Washington and approved the text remotely with an electronic signature. Under the agreement, the US lifted all oil and natural gas export sanctions on Iran, agreed to establish a reconstruction and development fund of at least $300 billion, and permitted global investment firms to return to Iranian markets. In return, Iran committed to lowering its uranium enrichment levels under International Atomic Energy Agency monitoring. The memorandum also includes provisions on maritime security in the Strait of Hormuz and the Sea of Oman. Lawmakers from both parties in the US Congress have opposed the text, describing it as concessions to Iranian demands, and the document does not contain binding accountability mechanisms covering Arab security, ballistic missiles or cross-border unmanned aerial vehicles. It remains unclear whether Arab states will be included as principal parties during the 60-day negotiation period.