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India is the 4th largest economy in the world by nominal GDP (2026) and 3rd by purchasing power parity.

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UPSC Dictionary

US-Iran Memorandum of Understanding

The US-Iran Memorandum of Understanding (MoU) is a concept in international relations, specifically a framework agreement officially named the Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran. It was created to solve the problem of the 2026 Iran war, serving as a tentative, non-binding framework for future negotiations toward a permanent settlement. The MoU was signed on June 17, 2026, following a conflict that began in late February 2026, and was primarily brokered by Pakistan.

The mechanism of the MoU centered on de-escalation and conditional sanctions relief. Key provisions included the immediate and permanent termination of military operations on all fronts, including in Lebanon. The US committed to removing its naval blockade and seeking the termination of all unilateral US sanctions against Iran. In return, Iran reaffirmed its commitment not to procure or develop nuclear weapons (Paragraph 8) and agreed to ensure safe passage through the Strait of Hormuz. The agreement set a maximum 60-day period for negotiating a final deal.

The MoU connects directly to the broader US sanctions architecture and the Joint Comprehensive Plan of Action (JCPOA) from 2015, which also addressed Iran's nuclear program. It has changed very recently: the MoU itself expired on July 8, 2026. Furthermore, the initial sanctions relief measure, General License X (GL X), issued by the Office of Foreign Assets Control (OFAC) on June 22, 2026, was revoked on July 7, 2026, and replaced with a narrow wind-down authorization, GL X1. This reversal of sanctions relaxation indicates a highly fragmented and unstable regulatory landscape following the initial agreement.

References

  • wikipedia.org
  • arabcenterdc.org
  • besacenter.org
  • iranwatch.org
  • aoshearman.com
  • bakermckenzie.com
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