South Korea, 7 other countries granted waiver from U.S. sanctions on Iran
- 5 years ago
The South Korean government is breathing a sigh of relief this morning after it was confirmed that Seoul has been granted a waiver from the latest U.S. sanctions on Iran.
The U.S. State Department's decision means South Korea is free to import oil from Iran without fear of economic repercussions from Washington.
Lee Ji-won reports.
With the 180 day grace period coming to an end on Monday, U.S. Secretary of State Mike Pompeo and U.S. Treasury Secretary Steven Mnuchin announced the return of U.S. sanctions on Iran.
"We are making it abundantly clear to the Iranian regime that they will face mounting financial isolation until they fundamentally change their destabilizing behavior. These powerful sanctions directly target Iran's banking, energy and shipping sectors."
Pompeo said eight countries would be granted waivers from the sanctions as they had significantly reduced their purchases of Iranian crude over the past six months.
"We have decided to issue temporary allotments to a handful of countries responsible to the specific circumstances and to ensure a well supplied oil market. The U.S. will be granting these exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey."
The waivers will last up to 180 days, but are extendable.
Seoul's Foreign Affairs Ministry says the decision means South Korea will be able to maintain a stable supply level of Iranian condensate, or ultralight oil. But exact figures were not disclosed.
South Korea heavily depends on Iranian oil,... an official at the ministry said over half of the country's daily imports of condensate barrels last year were from Iran.
Seoul is also free to maintain its current financial transactions with Iran's sanctioned central bank.
The two countries have been trading oil and other products, by paying and receiving Korean won through the Iranian central bank's accounts at two South Korean banks.
Since South Korea's currency has low convertibility,... the official said, the negotiating team assured the U.S. that this method of transaction will not allow U.S. dollars or other foreign currencies to flow into Iran.
The U.S. sanctions on Tehran come as the Trump administration withdrew from the 2015 nuclear deal with Iran in May, saying it had not stopped Iran from developing its ballistic missile program and intervening in neighboring countries.
While Pompeo said more than 20 importing nations have already zeroed out their imports of Iranian crude, he warned the U.S. will continue negotiations to get all of the nations to zero.
Lee Ji-won, Arirang News.
The U.S. State Department's decision means South Korea is free to import oil from Iran without fear of economic repercussions from Washington.
Lee Ji-won reports.
With the 180 day grace period coming to an end on Monday, U.S. Secretary of State Mike Pompeo and U.S. Treasury Secretary Steven Mnuchin announced the return of U.S. sanctions on Iran.
"We are making it abundantly clear to the Iranian regime that they will face mounting financial isolation until they fundamentally change their destabilizing behavior. These powerful sanctions directly target Iran's banking, energy and shipping sectors."
Pompeo said eight countries would be granted waivers from the sanctions as they had significantly reduced their purchases of Iranian crude over the past six months.
"We have decided to issue temporary allotments to a handful of countries responsible to the specific circumstances and to ensure a well supplied oil market. The U.S. will be granting these exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey."
The waivers will last up to 180 days, but are extendable.
Seoul's Foreign Affairs Ministry says the decision means South Korea will be able to maintain a stable supply level of Iranian condensate, or ultralight oil. But exact figures were not disclosed.
South Korea heavily depends on Iranian oil,... an official at the ministry said over half of the country's daily imports of condensate barrels last year were from Iran.
Seoul is also free to maintain its current financial transactions with Iran's sanctioned central bank.
The two countries have been trading oil and other products, by paying and receiving Korean won through the Iranian central bank's accounts at two South Korean banks.
Since South Korea's currency has low convertibility,... the official said, the negotiating team assured the U.S. that this method of transaction will not allow U.S. dollars or other foreign currencies to flow into Iran.
The U.S. sanctions on Tehran come as the Trump administration withdrew from the 2015 nuclear deal with Iran in May, saying it had not stopped Iran from developing its ballistic missile program and intervening in neighboring countries.
While Pompeo said more than 20 importing nations have already zeroed out their imports of Iranian crude, he warned the U.S. will continue negotiations to get all of the nations to zero.
Lee Ji-won, Arirang News.