1. An interagency delegation of the government of the Republic of Korea (head of the delegation: Deputy Minister for Economic Affairs Yun Kang-hyeon of the Ministry of Foreign Affairs) and a delegation of the US government (head of the delegation: Assistant Secretary of State for International Security and Nonproliferation Chris Ford) held the 1st ROK-US consultation on ways to respond to the reinstatement of US sanctions on Iran at the Foreign Ministry on June 18.

※ The US delegation, consisting of officials from the US Department of State and Department of the Treasury, began a tour of Northeast Asian countries, including the ROK and Japan, on June 17 for consultations on the US decision to reinstate its sanctions on Iran (May 8).

- US delegation: nine officials, including Assistant Secretary of State for International Security and Nonproliferation Chris Ford (head of the delegation), Deputy Assistant Secretary for Near Eastern Affairs Andrew Peek, and Acting Deputy Assistant Secretary for Counter Threat Finance and Sanctions David Meale from the Department of State, as well as Acting Deputy Director of the Office of Foreign Assets Control (OFAC) Brad Smith from the Department of the Treasury

※ Meanwhile, regarding the US plan to reinstate sanctions on Iran after withdrawal from the Joint Comprehensive Plan of Action (JCPOA), Foreign Minister Kang Kyung-wha, in her phone conversation with US Secretary of State Mike Pompeo on June 18, asked for cooperation from the US side to make sure that the ROK is exempted from US sanctions on Iran in order to minimize negative impact on Korean companies. Secretary Pompeo offered to continue close consultations between the two countries on the issue.

2. Deputy Minister for Economic Affairs Yun Kang-hyeon offered to continue closer consultations between the ROK and the US to minimize the impact of the reinstatement of US sanctions against Iran on the Korean economy and companies with business ties with Iran. The US side explained its position on the US withdrawal from the JCPOA in May to the ROK government, and said that it understands the ROK side’s concern about the reinstatement of sanctions on Iran.

o After the consultation, the US delegation also met with the Deputy Minister for Trade of the Ministry of Trade, Industry and Energy, and the head of the International Finance Bureau of the Ministry of Strategy and Finance, as well as officials from Korean financial institutions, oil companies, and economic organizations.

3. The ROK government will continue efforts to minimize the impact of the reinstatement of US sanctions against Iran on Korean enterprises, including follow-up consultations with the US side, interagency meetings, and meetings with related industries.

※ On May 17, the Foreign Ministry formed an internal taskforce (led by Deputy Minister for Economic Affairs Yun Kang-hyeon) to coordinate positions of relevant ROK government agencies and to set a plan for consultations with the US side. An interagency meeting attended by officials from the Ministry of Foreign Affairs, the Ministry of Strategy and Finance, the Ministry of Trade, Industry and Energy, the Ministry of Land, Infrastructure and Transport, and the Ministry of Oceans and Fisheries, took place twice (May 18, June 11).

* unofficial translation