The United States and Iran are negotiating a three-page framework to end the war, with the centerpiece of the emerging deal being a U.S. offer to release $20 billion in frozen Iranian assets in exchange for Iran surrendering its stockpile of enriched uranium, according to two U.S. officials and two additional sources briefed on the talks who spoke with Axios.

Negotiators are expected to meet again in Islamabad as early as Sunday for a second round of talks, President Trump confirmed Thursday. Pakistan is mediating the negotiations, with behind-the-scenes support from Egypt and Turkey.

“We are very close to making a deal,” Trump told reporters. “If no deal, fire resumes.”

The gap over frozen assets has been one of the sharpest sticking points. In an earlier phase of negotiations, the U.S. was prepared to release $6 billion restricted to humanitarian purchases. Iran demanded $27 billion. The current figure under discussion — $20 billion — represents the latest compromise position, though officials cautioned the contours of the deal are still fluid.

“That was a U.S. proposal,” one American official said of the $20 billion figure. A second official described the cash-for-uranium concept more cautiously as “one of many discussions.”

Iran’s demands go beyond the immediate cash infusion. According to one U.S. official, Tehran wants to sell oil at free-market rates without sanctions and gain access to the global financial system — concessions that would dramatically ease the economic pressure the war has imposed.

The Trump administration’s top priority is neutralizing Iran’s nuclear stockpile, particularly the nearly 2,000 kilograms of enriched uranium stored in underground facilities — including 450 kilograms enriched to 60% purity, a level close to weapons-grade.

Washington initially demanded that Iran ship all nuclear material to the United States. Tehran refused, offering only to “down-blend” it inside Iran under monitoring. A compromise now under discussion would send some of the highly enriched uranium to a third country — not necessarily the U.S. — while the remainder is down-blended inside Iran under international supervision.

The draft memorandum of understanding also includes a “voluntary” moratorium on nuclear enrichment. The U.S. demanded 20 years; Iran countered with five. Mediators are still working to bridge the gap.

Under the framework, Iran would be permitted to maintain nuclear research reactors for medical isotope production, but all nuclear facilities would have to be above ground. Existing underground facilities would be taken out of commission.

The MOU addresses the Strait of Hormuz, though significant gaps remain on that issue. It is unclear whether the document covers Iran’s ballistic missile program or its support for regional proxy forces — issues that Israel and Republican hawks in Washington have insisted must be part of any agreement.

The deal also carries domestic political risk for the Trump administration. Republicans, including Trump himself, harshly criticized the Obama administration for releasing billions in Iranian funds under the 2015 nuclear deal. Officials indicated they may seek to restrict how any unfrozen assets can be used.

Sen. Lindsey Graham (R-S.C.) told Fox News that Trump had spoken directly with Iranian counterparts and that at least one call got “sporty.”

Trump said Iran had agreed to a “very, very powerful statement” committing to never obtaining nuclear weapons, and said Tehran had agreed to hand over “the nuclear dust” — his term for the enriched uranium stockpile.

The current ceasefire expires April 21. Trump said he was willing to extend it if negotiations require more time.

One American official offered a blunt assessment of where things stand: “Iran has moved. But not far enough. What it takes to make them move forward, we will see.”

On Friday, mediators from Pakistan, Egypt and Turkey are scheduled to hold a meeting with Saudi officials on the sidelines of a diplomatic forum in Turkey, focused on advancing the deal.

The White House declined to confirm specifics. Spokesperson Anna Kelly said talks had been “productive” but that the administration would “not negotiate through the press.”

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