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Instead of dismissing Iran's counter-proposal, the Obama administration should seriously examine the advantages of a nuclear swap, with the International Atomic Energy Agency assuming control of Iran's low-enriched uranium, but on Iranian soil, until the fuel rods are delivered. This would involve a substantial amount of of Iran's accumulated low-enriched uranium, the material the West fears may be reprocessed for bomb-making material. This deal breaks Russia's monopoly of nuclear trade with Iran and opens a new window for U.S.-Iran nuclear cooperation.