“According to Article 13 of the Memorandum of Understanding, negotiations for a final agreement will begin after the signing of the Memorandum of Understanding and verification of the implementation of the clauses related to lifting the naval blockade, starting the process of opening the Strait of Hormuz, releasing part of Iran's assets, and lifting sanctions on Iran in the field of oil, petrochemicals, and derivatives sales,” the informed source told the Tasnim news agency on Monday.
The announcement follows earlier confirmations of the agreement on the MoU from Iranian Deputy Foreign Minister Kazem Gharibabadi and Pakistani Prime Minister Shehbaz Sharif.
US President Donald Trump welcomed the development on his Truth Social platform, authorizing the lifting of the naval blockade.
The signing ceremony is set to take place in Switzerland on June 19.