Key facts
- The deal phases in sanctions relief: some steps are immediate on signing, while full termination is tied to reaching a final deal.
- Immediate (point 10): the US Treasury issues waivers for Iranian crude-oil and petrochemical exports and related banking, insurance and transport — so Iran can sell oil right away.
- Frozen assets (point 11): Iran's restricted funds (~$100 billion) are released and made available via its Central Bank as talks progress.
- Full termination (point 7): the US commits to end all sanctions — UN Security Council, IAEA board and unilateral US primary and secondary sanctions — on an agreed schedule, as part of the final deal.
- Relief is sequenced and conditional: the deepest sanctions come off only with a final, UN-endorsed agreement, and US officials have warned relief could reverse if Iran does not comply.
What sanctions relief does the 2026 deal give Iran?
The Islamabad Memorandum phases in sanctions relief: some measures take effect immediately on signing, while the full lifting of sanctions is tied to reaching a final deal within 60 days. The immediate steps are designed to let Iran's economy — above all its oil exports — restart quickly, while the most powerful sanctions are held back as leverage for the final agreement. See the full 14-point deal.
Immediate: oil-export waivers
Under point 10, the US Treasury undertakes to issue waivers — immediately after signing and until sanctions are formally lifted — for exports of Iranian crude oil, petrochemical products and their derivatives, and all related services including banking, insurance and transport. In practice this means Iran can sell its oil again right away, a major economic lifeline, even before the broader sanctions architecture is dismantled.
Frozen assets released
Under point 11, the US agrees to release Iran's frozen or restricted funds — reported at roughly $100 billion — and make them fully available for use, with disbursement determined by Iran's Central Bank, as negotiations toward the final deal progress. This is separate from the $300 billion reconstruction fund.
Full sanctions termination — tied to the final deal
Point 7 commits the US to terminate all sanctions on Iran — UN Security Council resolutions, IAEA Board of Governors resolutions, and unilateral US primary and secondary sanctions — but on an agreed schedule and only as part of the final deal. So the deepest, most structural relief is sequenced behind a successful 60-day negotiation, and a final deal is to be endorsed by a binding UN Security Council resolution.
The catch: conditional and reversible
Relief is conditional on compliance and sequenced against Iran's nuclear steps (see the nuclear deal). President Trump has warned he could resume pressure — including strikes — if the final deal disappoints, and US intelligence officials have questioned Iranian compliance, so the durability of sanctions relief depends on the final agreement holding.
Timeline of the 2026 Iran war
- Jun 2025 — The 'Twelve-Day War' between Israel and Iran (Operation Midnight Hammer) sets the stage for a wider confrontation — a distinct earlier conflict.
- 28 Feb 2026 — The US (Operation Epic Fury) and Israel (Operation Roaring Lion) launch coordinated airstrikes on Iran's military and nuclear sites; Supreme Leader Ali Khamenei is reported killed in the opening hours and Iran begins blocking the Strait of Hormuz.
- 9 Mar 2026 — Iran's Assembly of Experts names Mojtaba Khamenei as the new Supreme Leader, per Iranian state media.
- 21 Mar 2026 — US bunker-buster strikes hit the Natanz nuclear facility; Fordow and Isfahan are also struck.
- Apr 2026 — A ceasefire pauses the heaviest fighting after roughly two months of strikes.
- 7–8 Jun 2026 — Iran fires ballistic-missile barrages at Israel; Israel strikes across Iran — the April truce collapses.
- 9–11 Jun 2026 — US forces strike Iranian air-defense sites; Iran's IRGC attacks US bases across the Gulf (Al Udeid, Ali Al Salem, Al Dhafra, Bahrain) and declares the Strait of Hormuz fully closed.
- 12 Jun 2026 — US and Iran reach a final agreed text for a ceasefire memorandum after mediation led by Pakistan, with Qatar and Oman.
- 14–15 Jun 2026 — The 14-point 'Islamabad Memorandum of Understanding' is digitally signed; VP JD Vance announces the signing on 15 June.
- 17 Jun 2026 — Trump signs a hard copy at Versailles and Iran confirms the electronic signing; the planned 19 June Geneva ceremony is cancelled. A 60-day window opens to negotiate a final, UN-endorsed deal.
Follow the whole Iran war & peace deal
This page is part of our Iran-war coverage cluster. Explore the connected analyses:
Frequently asked questions
What sanctions are lifted in the 2026 Iran deal?
The deal phases relief: immediately, the US issues waivers for Iranian oil and petrochemical exports and related services (point 10) and releases ~$100 billion in frozen assets (point 11). Full termination of UN, IAEA-board and unilateral US sanctions (point 7) is tied to reaching a final deal within 60 days.
Can Iran sell oil now under the deal?
Yes. Point 10 has the US Treasury issue immediate waivers for Iranian crude-oil and petrochemical exports and related banking, insurance and transport, so Iran can resume oil sales right away, even before the broader sanctions are formally lifted.
Are Iran's sanctions fully lifted?
Not yet. The memorandum commits the US to terminate all sanctions on an agreed schedule, but only as part of a final deal to be reached within 60 days and endorsed by a binding UN Security Council resolution. Until then, relief is partial, sequenced and conditional on compliance.
Sources & further reading
Primary reporting and analysis used to build this page. Treat all wartime figures as contested estimates and verify against the original source before reuse.
- CNN — US releases official agreement with Iran: read the 14-point text
- NBC News — Text of the Iran–US memorandum of understanding
- CBS News — Read the 14 points of the agreement between Iran and the U.S.
- Al Jazeera — Diplomat confirms US and Iran signed MoU electronically
- CSIS — The United States and Iran Announce a Deal to End the War
- PBS NewsHour — What's in the agreement to end the U.S. war in Iran
- Wikipedia — Islamabad Memorandum