Iran Agrees Not to Produce Nuclear Weapons, Reopens Strait of Hormuz Under U.S. Memo on June 14

According to Iranian officials, on June 14, Iran agreed not to produce or acquire nuclear weapons and to reopen the Strait of Hormuz to all commercial vessels under a memorandum with the U.S. The U.S. agreed to lift oil sanctions on Iran and release $25 billion in frozen Iranian assets through direct cash transfers, regional cooperation, and credit lines.

The U.S. will discuss the mechanism for Iran to dilute its uranium enrichment stockpile within 60 days, while also lifting its maritime blockade on Iranian vessels.