President Donald Trump on Friday dismissed a report suggesting that the United States may release up to $20 billion in frozen Iranian assets in exchange for Iran handing over its enriched uranium, as negotiations between the two countries continue amid a fragile ceasefire.

The diplomatic efforts follow weeks of hostilities that rattled global energy markets and led to a U.S. military blockade targeting Iranian ports and key shipping lanes connected to the Strait of Hormuz.

Officials involved in the discussions said there has been “steady progress” in recent days, but acknowledged that significant disagreements remain—particularly regarding how extensive and how long restrictions on Iran’s nuclear activity should be.

Trump said Thursday that another round of talks is expected to take place over the weekend, potentially in Islamabad, with representatives from Pakistan, Egypt, and Turkey working behind the scenes to help bring the sides to an agreement.

According to one U.S. official who spoke to Axios on Friday, “one of many discussions” has involved a potential arrangement in which the U.S. would unfreeze billions of dollars for Iran to use on humanitarian needs such as food and medicine, in exchange for Tehran giving up its stockpile of enriched uranium.

Trump, however, later rejected that idea outright in a Truth Social post, writing that “The U.S.A. will get all Nuclear ‘Dust,’ created by our great B2 Bombers” and insisting that “no money will change hands in any way, shape, or form” under any agreement with Iran.

Central to the negotiations is Iran’s nuclear program, which U.S. officials estimate includes approximately 2,000 kilograms of enriched uranium, including around 450 kilograms refined to 60% purity.

One option being discussed would see a portion of that material transferred to another country, while the remainder would be diluted under international monitoring.

The talks are also said to include a draft, three-page memorandum of understanding outlining a proposed “voluntary” halt to Iran’s enrichment activities, with the United States seeking a 20-year suspension and Iran reportedly proposing a five-year limit.

“Iran has moved. But not far enough. What it takes to make them move forward, we will see,” one U.S. official said.

Another official added: “Iran clearly wants the $20 billion — and a lot more. They clearly want to sell oil at free-market rates without sanctions. They want to participate in the global financial system. But they also want to have this nuclear weapons program. They want to fund terrorists like Hamas. And they don’t want to give that up enough to get the things we’re offering.”

Speaking to reporters on Thursday, Trump said Iran had agreed to issue “a very, very powerful statement … that they will not have nuclear weapons” and to turn over “the nuclear dust” to the United States. He added, “We are very close to making a deal. If no deal, fire resumes.”

White House spokesperson Anna Kelly described the negotiations as “productive,” while pushing back on outside reporting, saying: “Anonymous sources who claim to know about sensitive diplomatic discussions have no idea what they are talking about.”