- Iran has stated it will immediately reciprocate if the US honors its commitments under the June MoU, according to President Masoud Pezeshkian at the SCO summit in Bishkek.
- President Trump has threatened further strikes against Iran, escalating tensions in the region.
- Iran's central bank governor announced that Tehran has sufficient reserves and is prepared to inject up to $2 billion to stabilize the currency market.
- In mid-June, Iran and the US signed a Pakistan- and Qatar-brokered MoU aimed at extending a ceasefire and initiating a 60-day negotiation period.
- The ceasefire collapsed within weeks, leading to renewed exchanges of strikes and Iranian attacks on commercial shipping in the Strait of Hormuz.
- The MoU lapsed last month, following the breakdown of the ceasefire.
Iran's President Masoud Pezeshkian reiterated the country's readiness to return to the terms of a June memorandum of understanding (MoU) with the U.S., which aimed to halt hostilities. He stated, "I am stating clearly that if the U.S. returns to its commitments under the Memorandum of Understanding, the Islamic Republic of Iran will immediately reciprocate," according to IRNA.12
The MoU, brokered by Pakistan and Qatar, included provisions for a ceasefire and negotiations to end the conflict that escalated after U.S. and Israeli strikes on Tehran in February. However, the ceasefire collapsed within weeks, leading to renewed exchanges of fire, including a recent U.S. attack on Larak Island and Iranian retaliation against U.S. airbases in Jordan.78
Pezeshkian's comments came during a summit of the Shanghai Cooperation Organisation in Bishkek, Kyrgyzstan, where he emphasized that war is in no one's interest and expressed openness to a negotiated solution. He criticized the U.S. for breaking its promises under the MoU, stating, “America’s commitment to the document signed by the president of that country lasted less than two weeks”.
Tensions remain high as President Trump has threatened further military action against Iran. Pakistan's Foreign Minister Ishaq Dar and Qatari Foreign Ministry spokesman Majed al-Ansari also stressed the importance of sincere implementation of the MoU to prevent further escalation in the region.3
The situation is compounded by ongoing military exchanges and the potential for U.S. sanctions against countries engaging with Iran, as highlighted by U.S. Treasury Secretary Scott Bessent.
“Pezeshkian's remarks came at the SCO summit in Bishkek, a day after the first US-Iran exchange of fire in nearly a month, with US forces attacking Larak Island and Iran striking two airbases in Jordan. Meanwhile, Iran's central bank governor said Tehran has sufficient reserves and is ready to inject up to $2 billion to calm currency volatility.”
