Iran agrees to nuclear fuel swap, with caveats

Iran is ready to exchange the bulk of its stockpile of enriched uranium for nuclear fuel rods–as proposed by the U.N.–but according to its own mechanisms and timetable, the foreign minister said Saturday. The minister's remarks come just days before an expected meeting between the U.S. and allies to discuss new sanctions against Iran over its nuclear program. The offer, however, falls far short of the conditions set by the international community. Speaking to reporters at a regional security conference in Bahrain, Manochehr Mottaki said Iran agreed with a U.N. deal proposed in October in which up to 2,600 pounds (1,200 kilograms) of its uranium would be exchanged for fuel rods to power its research reactor.