Today
The full Iran deal is public — Iran keeps its missiles, its uranium, and a path to $300 billion — the U.S. commits to lifting every sanction on the books — and the deal was signed at Versailles while Israel kept bombing Lebanon

The full text of the Iran deal is now public. It is 14 points long. And when you read them, one thing becomes clear. Iran got almost everything it asked for.

Every sanction gets lifted. The memorandum commits the United States to terminate all sanctions against Iran — UN resolutions, IAEA resolutions, and every unilateral U.S. measure on the books. Until the sanctions are formally dropped, the Treasury will issue waivers so Iran can sell oil on the open market starting now.

A $300 billion reconstruction fund will be developed with regional partners. Iran keeps its entire missile arsenal — its chief negotiator said the missiles are “only for firing, not for negotiation.” The memorandum does not mention ballistic missiles once.

And on the one issue that started the war — the enriched uranium sitting in underground bunkers — the deal says the two sides will “develop a mutually agreed mechanism” to address it. That is not a resolution. That is a 60-day window to talk about it. And as of Friday morning, the nuclear talks that were supposed to start in Switzerland this weekend have already been postponed.

The war killed thousands. It drove inflation past 6%. It closed the strait for three and a half months. And the exit ramp looks like the entrance… except Iran’s hand is stronger. The memorandum says ships pass toll-free “for 60 days only.” After that, Iran and Oman will “define the future administration” of the strait. The president promised permanently toll-free. The document says 60 days.
14 points. Sanctions lifted. Oil waivers issued. Missiles untouched. Uranium still underground.

BREAKING

$300 Billion for Iran’s “Reconstruction” Is Written Into the Deal — With No Named Partners, No Timeline, and No Cap

Three hundred billion dollars. That is the number buried in Point 12 of the memorandum. The United States and Iran will work with “regional partners” to develop a plan for at least $300 billion to be sent to Tehran for reconstruction and economic development.

The president said it would not be American taxpayer money. But the memorandum does not say that. It says the U.S. will work to develop the plan. It does not name the partners. It does not set a timeline. And it does not cap the total at $300 billion — the document says “at least.”

A senior official told reporters the details would be worked out during the 60-day negotiation window. The same window that is supposed to resolve the nuclear issue, the sanctions timeline, and the compliance framework.

Three hundred billion for a country the U.S. was bombing four months ago. And the details of who pays, how much, and when are left to a negotiation that has not started.

EXPOSED

Iran’s Missiles Are “Only for Firing, Not for Negotiation” — and the President Says the Opposite About the Uranium

Iran’s spokesman addressed the media after the signing and drew one line that the memorandum does not. Iran’s missiles, he said, are only for firing, not for negotiation. “Iran’s defense capabilities will not be discussed in any process with any party.”

The memorandum confirms it. There is no mention of Iran’s ballistic missile program in any of the 14 points. The same missiles that struck Israel on June 7. The same missiles that shut down airports across the Gulf.

And on the enriched uranium — the issue the administration said justified the war — Iran’s position has not moved. The spokesman said Iran will not ship its stockpile abroad. Dilution was “introduced as an option”… but only to close the door on other parties trying to negotiate it away.

The president told reporters that Iran would “work closely” with the U.S. to turn over the material. Iran’s spokesman said the opposite. Both statements were made within hours of each other. One of them is wrong.

The war started over a nuclear program. The deal ends without resolving it.

— The Seventh Floor

DEVELOPING

Signed at Versailles While Israel Kept Bombing Lebanon — the One Condition the Framework Was Supposed to Resolve

The memorandum was signed Wednesday evening at the Palace of Versailles during a dinner hosted by French President Macron. Video showed the president pausing before putting pen to paper. “This was not easy,” he told the room. “I can tell you that.”

The signing had been planned for Friday in Geneva. But both sides signed electronically earlier in the week, the ceremony was moved up, and Geneva was scrapped. The cameras were at Versailles. The negotiators went to Switzerland anyway. And as of Friday morning, the central shipping route through the strait still has an estimated 80 mines. Ships are using two smaller side channels. The main route is not open.

Israel was not at the table. Netanyahu said he and the president “do not always see eye to eye.” Defense Minister Katz said troops would stay in Lebanon indefinitely. And the president, shown images of Christians being bombed in Beirut, later called Netanyahu “a very difficult guy.”

The memorandum calls for an “immediate and permanent” end to military operations on all fronts, including Lebanon. But Israel has not agreed to stop. The question the deal cannot answer is the one that will determine whether it survives: what happens when the 60 days run out and the bombs in Lebanon have not stopped.
  Connecting the Dots  

▸ The Bigger Picture

Four stories on June 20. The full 14-point memorandum is public and it shows Iran kept its missiles off the table, kept its enriched uranium in the ground, and secured a path to $300 billion in reconstruction. The $300 billion pledge is written into the document with no named partners, no timeline, and no cap. Iran’s top negotiator said the missile program is not open to discussion — a position the memorandum confirms. And the deal was signed at Versailles while Israel continued to strike Lebanon, the central shipping route still has 80 mines in it, and the nuclear talks that were supposed to start this weekend have already been postponed.

The press is calling it peace. But the nuclear program is still running. The missiles are still pointed. The uranium is still underground. And $300 billion is on its way to a country the U.S. was bombing 113 days ago.

The machine does not end wars. It renegotiates them. The entrance to this war was a nuclear program the U.S. said it had to stop. The exit is a memorandum that puts the nuclear issue into a 60-day window, hands Iran immediate oil revenue, lifts every sanction, and commits the United States to raising $300 billion for the same government it was trying to destroy in February. The war cost thousands of lives, 6.5% inflation, and a global economy cut to its slowest since COVID. And the deal that ends it looks like the deal that could have been signed before it started — except now Iran’s hand is stronger.

Signed at Versailles. The last time a peace deal was signed there, it led to the next war. That’s the Seventh Floor.

They rely on the shadows.
It’s time to turn on the lights.