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South Korea exempted from Iran oil sanctions

According to South Korean officials, the country has been exempted from US unilateral sanctions against Iran, Al Jazeera reported.

'South Korea, one of Asia's biggest buyers of Iranian oil, last week asked the US for 'maximum flexibility' after some of its construction firms cancelled energy-related contracts in the Islamic Republic because of financing difficulties,' Al Jazeera said.

'Petrochemicals are key to our economy, and we stressed that if we're hit by the Iran sanctions, it would pose grave challenges to our whole economy,' the official told Al Jazeera on the condition of anonymity.

After Washington's May 8 exit from the historic Iran Deal, the US gave 90- and 180-day wind-down periods to other countries before it starts re-imposing oil sanctions on Tehran on November 4.

Part of the US' illegitimate sanctions were imposed on Iran on August 9.

The US President Donald Trump has said he will reinstate the US nuclear sanctions on Iran and impose the highest level of economic bans on the Islamic Republic of Iran.

Source: Islamic Republic News Agency - IRNA

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