1. Mr. Hong Jin-wook, Director-General for African and Middle Eastern Affairs, met with David Peyman, U.S. Deputy Assistant Secretary of State for Counter Threat Finance and Sanctions, who is visiting the Republic of Korea from March 5 until 7, at the Foreign Ministry on the morning of March 6. They discussed issues of mutual interest regarding U.S. policy on sanctions against the Islamic Republic of Iran.

※ Mr. Peyman is visiting the ROK following visits to Malaysia and Singapore, before returning to the U.S.

2. Director-General Hong took note that when the U.S. re-imposed sanctions on Iran on November 5 of last year, it granted the ROK, its ally, an exemption from sanctions on Iran, and expressed hope that such cooperation between the two countries would continue through the consultations on the extension of the ROK’s exemption from the U.S. sanctions (exemptions deadline: May 3). Director-General Hong asked for active cooperation from the U.S., the ROK’s ally.

o In addition, regarding trade with Iran in areas not subject to sanctions, Director-General Hong explained difficulties faced by relevant Korean companies concerning finance, shipping, insurance and other technical issues, and asked for U.S. cooperation in this regard.

o Deputy Assistant Secretary Peyman talked about the direction of U.S. policy on sanctions against Iran, and offered to continue to closely consult on the extension of sanctions exemption and Korean companies’ technical issues regarding trade with Iran.

3. The ROK government will continue to consult with the U.S. on the extension of the ROK’s exemption from U.S. sanctions on Iran, as well as the normalization of non-sanctionable trade between the ROK and Iran, in close cooperation with the relevant government agencies and through consultations with involved Korean companies.

* unofficial translation