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Subscriptions help us deliver original coverage of the region's most important issues.The story: South Korean Vice Foreign Minister Choi Jong-Kun has met with Iranian and western officials in Vienna, giving rise to speculations about how a revival of the 2015 Iran nuclear deal may look. Ties between Tehran and Seoul have frayed in the aftermath of the 2018 US withdrawal from the nuclear accord and reimposition of all sanctions. Apart from cutting South Korean imports of Iranian condensate, US sanctions have reportedly left 7B USD worth of Iranian assets frozen in Korean banks.
Against this backdrop, a prominent Iranian analyst has charged that the first stage of a US re-entry into the nuclear deal may involve the unfreezing of Iranian assets in Iraq and South Korea in exchange for a freeze on 60% enrichment.
The coverage: Choi met with a series of officials in the Austrian capital last week, where Iran and world powers are negotiating a revival of the Joint Comprehensive Plan of Action (JCPOA), as the nuclear deal is formally known.
However, current and former Iranian officials have differed on whether Choi’s visit is linked to the indirect negotiations with the US on a revival of the JCPOA.
Iranian observers have welcomed Choi’s diplomatic engagement with Iranian and western officials, sparking speculations that South Korea will play a key role in at least the initial phase of a revival of the JCPOA.
The context/analysis: Iran and the US are engaged in an eighth round of indirect talks on reviving the JCPOA since US President Joe Biden took office in Jan. 2021. Western negotiators and especially US officials have warned Tehran that the window for a revival of the accord may soon close unless a deal is struck.
According to South Korea’s foreign ministry, the delegation led by Choi maneuvered to “explore ways to resolve the issue of frozen Iranian assets in Korea" through talks with Iran and in coordination with the United States, Britain, France, and Germany.
The future: Choi’s visit to Vienna could be among the first tangible signs of progress on the revival of the JCPOA.