The US and Iran are negotiating over a three-page plan to end the war, with one element under discussion being that the US would release $20 billion in frozen Iranian funds in return for Iran giving up its stockpile of enriched uranium, Axios reports.

Citing two sources, Axios reported that the “US was ready in an earlier stage of the negotiations to release $6bn for Iran to purchase food, medicine and other humanitarian supplies. The Iranians demanded $27 billion”.

The latest number discussed by the US and Iran is $20bn, the sources said.

Further, citing a US official, Axios said the cash-for-uranium concept was “one of many discussions”.

Meanwhile, the US asked Iran to agree to ship all its nuclear material to the US, while the Iranians only agreed to “down-blend” it inside Iran.

“Under a compromise proposal now under discussion, some of the highly enriched uranium would be shipped to a third country, not necessarily the US, and some of it would be down-blended in Iran under international monitoring,” the report said.