Here’s what’s in Trump’s reported 14-point MOU with Iran

President Trump has said the text of his agreement to end the Iran war won’t be released until it’s signed in person by Washington and Tehran on Friday.

But outlets including Bloomberg and CNN say they have obtained the 14-point memorandum of understanding (MOU).

White House communications director Steven Cheung said Wednesday morning the reported text “does not reflect the language of the actual MOU.”

Here are the key provisions in the reported agreement:

Lebanon included in ceasefire

The agreement would end fighting on “all fronts,” including Lebanon, where Israel has been seeking to destroy Hezbollah, the Iranian proxy group that controls much of the country’s south.

That’s sure to further inflame tensions between Trump and Israeli Prime Minister Benjamin Netanyahu, who has been shut out of talks between the U.S. and Iran.

Israel has said it will not withdraw forces from border regions of Lebanon and maintains the right to defend itself against Hezbollah.

60 days for final deal

Many of the key details are punted to a final deal to be hammered out within 60 days, “extendable by mutual consent.”

Trump said Wednesday the MOU was not “final,” warning he would resume bombing if Iran doesn’t “behave.”

Reopens Strait of Hormuz

Under the memorandum, both sides would agree to restore shipping through the Strait of Hormuz to its prewar levels within 30 days of the MOU being signed.

The U.S. would lift its naval blockade immediately, while Iran would commit to removing “technical obstacles” and neutralizing mines in the waterway.

There have been public disagreements over whether Iran could impose tolls on ships after the 60-day window expires.

Creates $300B reconstruction fund

The MOU says the United States, “together with its regional partners,” will ensure the financing of at least $300 billion for a reconstruction fund for Iran. It says the “implementation mechanism of this plan” will be determined as part of the final agreement.

Trump said Wednesday the U.S. would not contribute to the fund but added that he couldn’t stop other countries from investing in Iran.

US commits to ending sanctions

As part of the final agreement, the U.S. would commit to ending “all types of sanctions” on Iran. These include sanctions approved by the United Nations and International Atomic Energy Agency, as well as unilateral sanctions.

Iran commits to no nuclear weapons

Iran reiterates that it would not produce nuclear weapons under the deal.

Iran made a similar commitment under the nuclear deal signed during the Obama administration and was reportedly willing to make it again during negotiations before Trump and Netanyahu launched the war on Feb. 28.

The agreement would leave the fate of Iran’s stockpile of weapons-grade uranium and “all other mutually agreed nuclear-related issues” to the final agreement.

Trump has said this provision achieves “99.9 percent” of his goal of preventing Iran from obtaining a nuclear weapon.

Maintains ‘status quo’ for Iran’s nuclear program

The deal does not explicitly bar Iran from enriching uranium, instead maintaining the “status quo” of its nuclear program.

Vice President Vance said this week that Iran’s ability to access funds would depend on its willingness to make key concessions.

The two sides have reportedly agreed in principle to an enrichment moratorium but haggled over how long it would last.

US waives sanctions on Iran’s oil exports

While most U.S. sanctions would only be lifted as part of a final agreement, Washington would immediately take steps to allow Iran to resume oil exports onto the global market.

The reported text says the 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.”

Critics of the deal say this gives Iran a crucial economic lifeline that will allow it to begin rebuilding its military without making any concessions on its nuclear program.

Unfreezes Iranian funds

Another provision would unfreeze Iranian funds and assets held abroad, “in light of the progress of negotiations towards a final agreement.”

This provision would appear to give the U.S. discretion to unfreeze the funds during negotiations rather than wait for a final deal. There are no restrictions in the MOU on how the funds could be used.

Final deal subject to UN Security Council approval

The MOU says any final agreement will be approved through a binding resolution of the United Nations Security Council.

Trump also said Tuesday that he’d send any deal with Iran to Congress for approval.

The Obama-era Joint Comprehensive Plan of Action was also approved by the U.N. Security Council and reviewed by Congress under the Iran Nuclear Agreement Review Act.