Pakistan mediates Iran–U.S. asset talks

Pakistan has emerged as a go-between in indirect talks between Iran and the United States, with negotiators using Islamabad to pass proposals on frozen Iranian assets, nuclear conditions and shipping through the Strait of Hormuz. Reuters reported on May 18 that Pakistan had shared a revised Iranian proposal with Washington, and on May 22 that Pakistan was stepping up diplomacy as the sides remained apart on key terms. U.S. Secretary of State Marco Rubio said on May 22 that there had been some progress, but “more work” was needed. Iran’s foreign ministry spokesman Esmaeil Baghaei said the differences were still “deep and significant.” Social media posts have pushed the most eye-catching claims — including a possible phased release of between $6 billion and $25 billion in Iranian assets and steps tied to Hormuz traffic — but no final agreement has been publicly confirmed. The clearest reported fact is that Pakistan is carrying messages between the two sides while a broader negotiation remains unresolved. ### How do we know Pakistan is in the middle of these talks? Reuters reported on May 18 that Pakistan had delivered a revised Iranian proposal to the United States, citing a Pakistani source. That source said the sides “don’t have much time” and accused both countries of shifting their positions during the talks. On May 21 and May 22, Reuters and follow-on reports said Pakistan had intensified its mediation effort. Those reports said Pakistan’s military chief, Field Marshal Asim Munir, was expected to play a direct role, while Pakistan’s interior minister was already in Tehran for meetings. ### What are the main issues being negotiated? Marco Rubio said on May 22 that the United States had seen some progress toward a deal with Iran, but he added that Washington was “not there yet.” Reuters said the main sticking points remained Iran’s nuclear programme and control of the Strait of Hormuz. Esmaeil Baghaei said on May 22 that the gaps between Tehran and Washington were still substantial. Reuters and other reports tied the dispute to uranium enrichment, sanctions relief and security arrangements in the Gulf. Claims about frozen asset releases have circulated widely online, but the specific numbers being discussed have not been confirmed in any official public readout. ### Where do the frozen assets fit in? Iran has long sought access to funds held abroad under U.S.-linked sanctions restrictions, making asset access a recurring part of any negotiation with Washington. Social media accounts and derivative reports have described a phased release framework, with figures ranging from $6 billion to $25 billion. No U.S., Iranian or Pakistani official has publicly confirmed those amounts in a formal statement tied to the current talks. That leaves the asset figures in the category of reported negotiating chatter rather than a settled term. ### Why does the Strait of Hormuz keep coming up? The Strait of Hormuz remains central because it is both a military pressure point and a commercial shipping route. Reuters reported on May 22 that Hormuz was one of the main unresolved issues in the talks, alongside the nuclear file. Posts online have described possible “easing” tied to Hormuz restrictions, but public reporting has been more cautious. The verified point is that access through the waterway remains part of the bargaining between Tehran and Washington. ### Has anyone said a deal is done? Donald Trump said on May 23 that details of an Iran deal would be announced shortly, according to the Associated Press, which cited regional officials and a diplomat saying the sides were close to a memorandum of understanding. But Reuters reporting through May 22 was more restrained, saying only that some progress had been made and that major differences remained. Mid-May public comments also suggested some messaging around the talks was aimed at domestic audiences. That matches the broader pattern so far: active mediation, multiple proposals, and no officially announced final settlement. ### What happens next? Asim Munir, Pakistani intermediaries and Iranian officials are expected to keep passing proposals between Tehran and Washington in the coming days. The next concrete markers are any formal statements from the U.S. State Department, Iran’s foreign ministry or Pakistan’s military and foreign office, and any written memorandum announced by the parties.