1. Pursuant to the Joint Comprehensive Plan of Action (JCPOA), which was agreed upon between the P5+1 (the US, China, the UK, France, Russia + Germany) and Iran in July 2015, the implementation day for lifting sanctions falls on January 17, Korea Standard Time.

◦ The implementation day marks the day that the International Atomic Energy Agency (IAEA) verifies Iran’s implementation of its nuclear-related measures. Effective from the implementation day, the UN Security Council sanctions as well as the US and the EU’s economic sanctions on Iran will be lifted.

◦ As a result, from January 17 on, trade with Iran, which has been permitted on a limited basis so far, will be liberalized. Furthermore, capital transactions, including remittances of investment fund, will be allowed.

2. With the lifting of the sanctions on Iran having opened the door for the expansion of Korean companies’ presence in the country, Korean firms are expected to take the opportunity to take part in large-scale projects in such fields as social overhead capital (SOC), construction and shipbuilding in Iran.

◦ It is also expected to help the Republic of Korea create new engines for economic growth, including by expanding its export destinations and diversifying its sources of crude oil imports.


* unofficial translation