S. Korea Discusses Contingency Plans on Iran Sanctions

The South Korean government held an inter-agency meeting on Friday to explore ways of minimizing local business impact from the US decision to exit the 2015 nuclear deal with Iran.

Last week, the US administration announced that it would quit the agreement, formally known as the Joint Comprehensive Plan of Action. The US plans to reinstate sanctions against Tehran, with firms given 90- or 180-day grace periods, depending on their business sector.

The measure also affects foreign countries that trade with Iran.

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.

South Korea plans to discuss the issue with the US, 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.