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Seoul asks Washington to consider exporters' woes after scrapped Iran sanctions waiver

All Headlines 09:56 June 10, 2019

SEJONG, June 10 (Yonhap) -- South Korea's finance minister has called for positive U.S. consideration in resolving difficulties facing smaller South Korean companies due to U.S. sanctions on Iran, the finance ministry said Monday.

Hong Nam-ki, the minister of the economy and finance, made the request during his meeting with U.S. Treasury Secretary Steven Mnuchin on Sunday on the sidelines of an annual meeting of the Group of 20 finance ministers in Japan.

Hong Nam-ki (L), the minister of economy and finance, shakes hands with U.S. Treasury Secretary Steven Mnuchin at a hotel on the sidelines of an annual meeting of the Group of 20 finance ministers in Japan on June 9, 2019, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)

Mnuchin said he hopes the issue can be resolved smoothly through close consultations between South Korea and the United States, the Ministry of Economy and Finance said, without elaborating.

Last year, Washington imposed the most biting sanctions ever on Iran following its exit from a 2015 nuclear agreement with Iran and five major world powers.

Last month, the U.S. ended its sanctions waivers for South Korea, China, India and five other countries for Iranian oil imports, prompting Seoul to diversify its sources of oil imports.

Smaller South Korean exporters also face difficulties as they have stopped their exports to Iran due to the U.S. sanctions on Iran, the ministry said.

The ministry declined to say how many South Korean companies are affected by the U.S. sanctions.

Last week, Hong met with Iran's central bank governor, Abdolnaser Hemmati, in Seoul, and the two sides agreed to closely communicate to address difficulties facing South Korean companies.

entropy@yna.co.kr
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