Just Like India, South Korea says it is negotiating with the US government to receive exemptions from the US to purchase Iranian Oil. The South Korean Ministry of Trade, Industry and Energy stated that it had already held two rounds of consultations with the Trump administration to receive “exemption from sanctions” the Yonhap news agency reported.
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The consultations will extend until November when the US sanctions targeting Iran’s crude exports are to snap back in place. South Korea requires these exemptions “to lessen the impact of the re-imposition of Iran sanctions on the South Korean economy and doing business” with the Tehran.
These mechanisms were examined at a meeting of South Korea’s Trade Ministry officials with delegates of the corporations active in the Iranian market, including automakers and construction firms, as well as the nation’s trade promotion companies, according to Yonhap.
South Korea is dependent on Iran for 13% of its imported oil, making Tehran its third-biggest crude supplier after Saudi Arabia and Kuwait. China, India and Turkey have already decided to continue purchasing Iranian oil, despite US sanctions.
The US withdrew from the 2015 Iran nuclear deal and announced it would re-impose sanctions on the Islamic Republic. The first round of sanctions, which essentially targets Iran’s economic, automotive, aviation and metals industries, was re-imposed in this August. The second round of sanctions from November 4 will hit the Iranian oil and banking industry.