S. Korean gov’t discusses contingency plans on new US sanctions on Iran

Tasnim – The South Korean government held an inter-agency meeting recently to explore ways to minimize local business impact from the US decision to exit the 2015 nuclear deal between Tehran and world powers.

In the session hosted by Yun Kang-hyeon, deputy foreign minister for economic affairs, representatives from the ministry and other related government bodies discussed a strategy to deal with the new situation, Yonhap news agency reported on Friday.

South Korea is preparing for consultations with the US on the matter, as it apparently seeks an Iran sanctions waiver.

“The government will make constant efforts based on close cooperation among relevant authorities to minimize effects from future US steps to the South Korean economy and firms with business ties with Iran,” the ministry said.

In a speech from the White House on May 8, US President Donald Trump accused Iran of sponsoring terrorism and seeking nukes before announcing the US withdrawal from the 2015 agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

The US plans to reinstate sanctions against Tehran, with firms given 90-day or 180-day grace periods, depending on their business sector.