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Economy April 17, 2026 08:45 AM

U.S. and Iran Near Deal That Would Swap $20 Billion in Frozen Assets for Enriched Uranium

Mediated talks aim to trade a large portion of Iran's uranium stockpile for access to billions in frozen funds and a temporary enrichment moratorium

By Nina Shah
U.S. and Iran Near Deal That Would Swap $20 Billion in Frozen Assets for Enriched Uranium

U.S. and Iranian negotiators are working on a concise agreement to end the conflict as it nears 50 days, centered on a U.S. proposal to release $20 billion in frozen Iranian assets in return for Iran relinquishing portions of its enriched uranium stockpile and agreeing to a voluntary halt on enrichment for a limited period.

Key Points

  • Negotiators from the U.S. and Iran are crafting a three-page memorandum aimed at ending the war as it approaches 50 days.
  • The U.S. has put forward a $20 billion proposal to release frozen Iranian funds in exchange for Iran surrendering parts of its enriched uranium stockpile.
  • Mediation is being led by Pakistan, with behind-the-scenes support from Egypt and Turkey; a further round of talks is expected in Islamabad on Sunday.

Diplomats for the United States and Iran are negotiating a three-page memorandum intended to halt hostilities as the conflict approaches the 50-day mark, with the main terms under discussion including the transfer of $20 billion in frozen Iranian funds in exchange for Iran surrendering portions of its enriched uranium, according to two U.S. officials and two sources briefed on the talks.

President Trump said on Thursday that negotiators from both sides would likely reconvene this weekend for a second round. A source familiar with the mediation said the expected meeting is set for Sunday in Islamabad. Pakistan is acting as the primary mediator, with Egypt and Turkey providing discreet support to the process.

Disagreement over the sum of released funds surfaced early in the talks. U.S. negotiators initially proposed freeing $6 billion specifically for Iran to buy food, medicine and other humanitarian goods, while Iran sought $27 billion. The negotiators are now discussing a $20 billion figure, which one U.S. official characterized as a U.S. proposal.

Central to the negotiations is the fate of Iran's enriched uranium stockpile, which totals nearly 2,000 kilograms, including roughly 450 kilograms enriched to 60 percent purity. Under a compromise being discussed, some of the highly enriched material would be transferred to a third country, while another portion would be down-blended inside Iran under international monitoring.

The draft memorandum also calls for a voluntary moratorium on Iran's nuclear enrichment activities. The United States has sought a 20-year pause, while Iran has proposed a five-year term. The parties continue to debate the length and specifics of that commitment.

As talks move forward, negotiators are focusing on a compact set of provisions to be formalized in a short agreement. Several core elements - the precise amount of funds to be released, the mechanics for handling the enriched uranium, and the duration of any enrichment moratorium - remain unresolved and are being negotiated ahead of the anticipated Islamabad meeting.

Risks

  • Negotiations remain fluid - core details including the exact funds to be released, the disposition of nearly 2,000kg of enriched uranium, and the length of any enrichment moratorium are unresolved.
  • Significant gaps persist between initial positions - the U.S. initially proposed $6 billion while Iran demanded $27 billion, and the moratorium term under discussion ranges from five to 20 years.
  • Implementation logistics for shipping or down-blending highly enriched uranium, and establishing international monitoring arrangements, are still under negotiation and present executional uncertainty.

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