Menendez, a Democrat, and Graham, a Republican, said they believe this new approach will allow the nuclear issue to "multilateralize" and stop the nuclear arms race in the Middle East while finding bipartisan support in the United States.
"If the Iranian leaders truly desire a peaceful nuclear program, then they ought to welcome the creation of a nuclear fuel bank for the Persian Gulf region," the senators wrote on Thursday. "A regional nuclear fuel bank could provide a reliable, affordable and transparent source of nuclear fuel for any state that sought a peaceful commercial nuclear program."
The senators underscored that if the United States wants to see more concessions from Iran, it should be ready to provide more sanctions relief in return for encouraging broader negotiations to curb Tehran's rising influence in the region.
The first regional nuclear fuel bank was established in August 2017 in Kazakhstan by the International Atomic Energy Agency (IAEA) to guarantee access to uranium in case of fuel delivery disruptions.