S Korea seeks waiver from US sanctions on Iran

MNA – In the wake of the US’ withdrawal from the 2015 nuclear agreement with Iran and moves to resume sanctions against Tehran, Seoul held a second round of talks with Washington seeking a waiver from halting imports of Iranian oil, Yonhap news reported.

The Foreign Ministry of Seoul said Friday that a delegation headed by its Deputy Minister for Economic Affairs Yun Kang-hyeon discussed the issue with a team led by US Assistant Secretary of State for the Bureau of Energy Resources Francis Fannon in Washington Thursday.

The two sides held their first round of negotiations in Seoul last month.

Explaining Seoul’s support for a peaceful resolution to the Iranian nuclear issue, Yun stressed the need for a waiver under which South Korea would significantly reduce oil imports from Iran in order to minimize the impact to South Korean companies doing business with the Middle Eastern country.

The US, which has warned of secondary sanctions if countries do not suspend their oil imports from Iran, reiterated it will be stringent in granting waivers, although it promised to take into account South Korea’s situation.

The two-way trade volume totaled $12 billion in 2017, with South Korea exporting $4 billion worth of products.