1. An interagency delegation of the Republic of Korea, together with a US government delegation, held the second ROK-US consultation on the snap-back of US sanctions against Iran at the US Department of State on July 19. The ROK and US head delegates to the meeting were Deputy Minister for Economic Affairs Yun Kang-hyeon and Assistant Secretary of State for Energy Resources Francis Fannon, respectively.

※ The interagency delegation from the ROK was composed of officials from the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Strategy and Finance, the Ministry of Land, Infrastructure and Transport, and the Ministry of Oceans and Fisheries. The US delegation was comprised of twelve officials, including Deputy Assistant Secretary for Energy Resources Sandra Oudkirk and others from the Department of State as well as the Department of the Treasury.

2. Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon articulated the ROK government’s basic position that it supported the efforts toward a peaceful resolution of the Iranian nuclear issue. He went on to underscore the need to grant a sanctions waiver to the ROK over its efforts to considerably cut crude oil imports from Iran and in order to minimize the impact of the reinstated US sanctions against Iran on Korean economy and companies with business ties with Iran. He suggested that the ROK and US governments work more closely together in the spirit of cooperation between the two allies.

3. The US side shared with the ROK delegation the fundamental US position that it would exempt a highly limited number of countries from the US move, as it sought to put the maximum possible pressure on Iran by completely blocking oil sales and imports. It added that it would however take into account the unique situation the ROK was in, such as having set up a trade payment system with Iran and its difficulty in replacing condensate imports from Iran.

4. During its visit to the US, the ROK delegation met with experts in Iran sanctions, such as senior analyst Kenneth Katzman of the Congressional Research Service (CRS), Senior Vice President Frank Verrastro of the Center for Strategic and International Studies (CSIS), as well as members of such local law firms as Akin Gump and Covington for exchanges of views on strategies for consultations with the US. In addition, the delegation met with local representatives of Korean oil refineries to learn about their positions.

5. Going forward, the government will continue efforts -- including holding follow-up consultations with the US as well as meetings among relevant government agencies and with related companies -- to minimize the impact of the snap-back of US sanctions against Iran on Korean enterprises.

* unofficial translation