South Korea joins UN sanctions against Iran

In accordance with the United Nations Security Council Resolutions, the sanctions/measures by international society in particular, the US and EU, which have raised the level of restrictions in an effort to restrict the Iran's suspected nuclear development, the Korean Government has decided to join the international sanctions against Iran.

To this end, the Korean Government has declared to prepare new guidelines and regulations in the finance, international trade, transportation, construction, and energy sectors in order to implement recommendations set out in the UN Security Council Resolution No. 1929, by its announcement dated 8 September 2010 ("Announcement").

Following the above, new and more detailed guidelines have been established by relevant non-public organizations/institutions such as the Korea Foreign Trade Association ("KFTA") and the Korean Federation of Banks ("KFB").

According to a Korean newspaper article published on 25 November 2011, the Korean Government is considering to impose new sanctions on Iran against its nuclear development program, which is likely to include a ban on petrochemicals trade. In this regard, the Korean Ministries of Foreign Affairs, Finance and Strategy, and the Korean Financial Supervisory Commission are currently reviewing the level of additional sanctions on Iran.

The full Iran Sanctions Announcement is available for download below in both Korean as well as English.