Axios reported today that the Biden administration has been discussing the contours of a new nuclear deal with Tehran since January. The prospective agreement would lift some U.S. sanctions on Iran in exchange for the regime freezing some parts of its nuclear program. Tehran thus far has reportedly rejected the U.S. offer. The potential accord comes despite public U.S. assurances as recently as last month that a return to the Iran nuclear deal “hasn’t been on the agenda for months now.”

Last year, the Biden administration offered to provide Iran upfront non-statutory sanctions relief as part of a deal in exchange for a similar halt. In particular, the offer would have rescinded three executive orders sanctioning Iran’s petrochemical, automotive, construction, iron, steel, aluminum, copper, mining, manufacturing, textiles, and financial sectors, including 17 Iranian banks. Many of these sectors are tied to the Islamic Revolutionary Guard Corps, a U.S.-designated foreign terrorist organization. FDD previously estimated that rescinding these executive orders could provide Iran with sanctions-free access to at least $30 billion in annual export revenue.

Israeli officials recently told the Biden administration and several European countries that Iran would be entering dangerous territory that could trigger an Israeli military strike if it enriches uranium above the 60% level, as Axios previously reported.