South Korea asks US for exemption to protect its companies from Iran sanctions

SANAA, Oct. 31 (YPA) – Seoul has asked the United States to show “maximum flexibility” on its request to grant an exemption to South Korean companies to protect them from being affected by the sanctions that Washington will impose on Iran, the South Korean foreign ministry said.

Sanctions on Iranian oil exports will go into effect on November 5, as part of US President Donald Trump’s actions to force Iran to accept a more restrictive agreement to curb its nuclear and missile programs, Reuters said.

 South Korea, is an ally of the United States, has already stopped importing oil from Iran, although it was one of the most Asian countries to buy Iranian oil.

 South Korean construction companies also canceled Iran’s energy-related contracts due to funding problems.

In a statement, the ministry said that Foreign Minister Kang Kyung-wha asked for an exemption during a telephone call with her US counterpart Mike Pompeo late Monday.

“Minister Kang demanded the US side to exercise maximum flexibility so that South Korea that could get an exemption to minimize damage to our companies,” she said.

The statement said that Pompeo was aware of the position of Seoul and would continue consultations on the matter.

E.M