Memorandum Confirmed by Iranian Parliament Speaker
Iranian Parliament Speaker Mohammad Bagher Ghalibaf confirmed a 14-point memorandum with Washington. The agreement reportedly secures the release of frozen funds and oil sanctions relief for Iran.
Frozen Assets Release Details
The reported terms include the release of $12 billion in frozen Iranian assets, to be disbursed in two tranches of $6 billion each.
Temporary Sanctions Relief Timeline
The U.S. Treasury Department announced a temporary sanctions relief allowing Iranian oil and petrochemical sales until August 1, 2026.
New Maritime Policy Framework Announced
Ghalibaf spoke to state broadcaster Press TV on Monday evening, June 22, 2026. During the address, he announced a rewrite of the Iran Strait of Hormuz maritime policy 2026 handbook.
Management Terms and Authority Structure
The speaker stated that the administration of the vital chokepoint will be run strictly on Tehran's terms. Ghalibaf declared that waterway management would never return to pre-war rules following intensive technical negotiations in Switzerland.
Persian Gulf Strait Authority (PGSA) Protocols
Iran announced plans to introduce maritime fees in the Strait of Hormuz after a 60-day negotiation period following the memorandum of understanding. Iran's newly created Persian Gulf Strait Authority requires all vessels transiting the Strait of Hormuz to carry Iranian-approved insurance.
The PGSA reportedly offers this insurance free for 60 days, with potential fees expected to follow that initial period.
Current Navigation Status and Demining Plans
Reports indicate that the main central route of the Strait of Hormuz is still mined and remains closed. Ships are currently using smaller northern and southern routes instead.
Ghalibaf stated that Iran agreed to conduct demining work and remove technical and military obstacles to shipping within 30 days.
International Responses and Concerns
Legal experts and maritime associations have raised concerns regarding the proposed toll regime. These groups state that a toll system would violate international trade precedent.
Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al Saud challenged Iran's plan for managing the strait. The Saudi official stated that the waterway was functioning adequately before the conflict began.
Regional Security Context
Israeli officials have reiterated that military operations in Lebanon would continue despite diplomatic progress between Washington and Tehran.