Press Release: South Korea's Additional Action Regarding Business with Iran

January 17, 2012

1. Amid growing international concern over Iran’s nuclear development and strengthening of international sanctions on Iran, a US delegation, co-led by Robert Einhorn, the State Department's Special Advisor for Nonproliferation and Arms Control, and Daniel Glaser, the Treasury Department’s Deputy Assistant Secretary for Terrorist Financing and Financial Crimes, visited the Republic of Korea on January 16-18 for a ROK-US consultation on the Iranian nuclear issue.

  • The US delegation first had consultation with Deputy Foreign Minister Kim Jae-shin on January 17, followed by meetings with Choi Jong-ku, Deputy Minister for International Affairs of the Ministry of Strategy and Finance, and Moon Jae-do, Deputy Minister for Industrial Resources Cooperation of the Ministry of Knowledge Economy, later in the day.

2. The US side expressed concern over Iran’s continued nuclear development in violation of its international obligations; pointed out the importance of resolving the Iranian issue through joint international efforts; and explained the content of the sanctions on Iran under the 2012 National Defense Authorization Act signed by President Barack Obama on December 31, 2011, as well as its implementation plan.

  • The US delegation particularly highlighted its efforts to win extensive international support in reducing crude oil imports from Iran and curtailing Iran’s oil revenues in a carefully coordinated and phased manner so as to prevent any instability in the international oil market and damage to US allies.

3. The ROK side underscored its intention to join international efforts toward the peaceful resolution of the Iranian nuclear issue as a responsible member of the international community, and explained its relevant efforts, including additional sanctions on Iran announced last December. Furthermore, the ROK officials expressed understanding on the objective of the US sanctions on Iran and willingness to cooperate to the extent possible toward a peaceful resolution of the issue.

4. With respect to the sanctions against the Central Bank of Iran under the US National Defense Authorization Act, the two sides exchanged a wide range of views on the US implementation plan for the sanctions and ways for the ROK and the US to work together in this regard. The US delegation explained its plan to cooperate closely with the ROK government to promote the goal of the National Defense Authorization Act, while giving adequate consideration to interests of the ROK and its companies.

  • The two sides plan to hold further consultations, based on the outcome of the latest round of meetings, in a mutually convenient manner.