A draft memorandum of understanding between the US and Iran has been published, outlining a far-reaching framework aimed at ending hostilities and reshaping relations between the two longtime rivals.

The 14-point document proposes an immediate and indefinite ceasefire across all fronts, including Lebanon, marking what could become one of the most significant diplomatic breakthroughs in the Middle East in decades, The Caspian Post reports via Mehr News Agency.

Under the proposed agreement, the US would provide guarantees of non-interference in Iran’s internal affairs and formally recognize the sovereignty of the Islamic Republic. The plan also calls for the complete lifting of the maritime blockade within 30 days and the withdrawal of US military forces from areas near Iran.

One of the most consequential provisions would restore unrestricted navigation through the Strait of Hormuz, a critical artery for global energy supplies, while restrictions on Iranian oil exports would be suspended.

The memorandum also envisions a massive $300 billion infrastructure reconstruction program for Iran, to be prepared by the US and its allies. In parallel, Washington and Tehran would begin a 60-day negotiating process to finalize a comprehensive agreement.

As part of the proposed framework, Tehran would commit to abandoning any pursuit of nuclear weapons. In return, Washington would pledge not to impose new sanctions or expand its military presence in the region during the negotiation period.

The draft further provides for the release of $24 billion in frozen Iranian assets and the creation of a monitoring mechanism to oversee compliance with all commitments.

According to the document, the final agreement would be endorsed through a resolution of the United Nations Security Council. However, concluding negotiations would only begin after half of Iran’s frozen assets are released, oil sanctions are eased, and the maritime blockade is lifted.