1. The government of the Republic of Korea held an interagency meeting on May 18 to seek ways to respond to the US sanctions against Iran that will be snapped back in place in the wake of the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA), or the Iran nuclear deal. The meeting, chaired by Deputy Minister for Economic Affairs Yun Kang-hyeon of the Ministry of Foreign Affairs, brought together officials from the Ministry of Strategy and Finance, the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Land, Infrastructure and Transport, and the Ministry of Oceans and Fisheries.

° With the ROK seeking to be exempt from the US sanctions against Iran during the 180-day wind-down period until their snap-back in the wake of the US withdrawal from the JCPOA on May 8, the officials set a plan for the reduction of crude oil import and discussed the timing and direction for relevant consultations with the US.

※ On May 17, the Foreign Ministry formed an internal taskforce, headed by Deputy Minister Yun, to coordinate positions of relevant ROK government agencies and to set a plan for consultations with the US government.

2. Going forward, the ROK government, through close cooperation among its relevant agencies, will continue efforts to minimize impact of the US government’s future steps on the ROK economy and Korean enterprises with business ties with Iran.

* unofficial translation