The Return of U.S. Sanctions on Iran: Challenges and Prospects for Korea

Abstract

The economic relationship between Korea and Iran encountered a huge obstacle in 2018, which both parties are still trying to overcome. On July 14, 2015, Iran and the P5+1 (the United States, the United Kingdom, France, Russia, China, and Germany) agreed on a Joint Comprehensive Plan of Action (JCPOA) regarding Iran's nuclear program. The JCPOA was implemented on January 16, 2016, but lasted less than three years before President Trump of the United States withdrew on May 8, 2018, with Iran and the other participants still staying in the deal.