Background:

The Korean government has been abiding by the resolutions of the UN Security Council, taking action in the areas of finance, trade, transport, and energy.

On November 18, 2011, the board of governors of the International Atomic Energy Agency (IAEA) urged Iran to comply with its obligations in the international community concerning nuclear issues, as there have been increased concerns in the international community over Iran’s nuclear programs including the development of a nuclear weapon delivery system.

Government’s Additional Action:

The Korean government has identified 99 additional institutions and 6 more individuals subject to financial sanctions. Those institutions and individuals need permission from the Bank of Korea to conduct all foreign exchange transactions.

The Korean government will notify local businesses of the IAEA resolution, the US Executive Order 13590 regarding energy-related sanctions, and other renewed sanctions of the EU, Canada, and Japan, and call on them to take extra caution regarding energy-related transactions with Iran.

The government will inform businesses that those facilitating the development of Iranian oil resources or contributing to the expansion or maintenance of Iran’s petrochemical industry by providing products, services, or technologies to a certain degree may face disadvantages when they do businesses with the US.

The government will also call on local importers of Iranian petrochemical products to take extra caution regarding the issue.