The United States and South Korea will discuss extending the U.S. exemption from sanctions on Iranian oil

Yonhap News Agency reported on March 25. On Monday, South Korea’s foreign ministry said it would discuss with the United States this week the issue of extending South Korea’s exemption from sanctions on Iranian oil imports. To this end, officials from the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Economy, Finance and the Department of Oceanography and Fisheries of South Korea will meet with Assistant Secretary of State for Energy, Francis Fannon, and other relevant officials in Washington, D.C., on March 28, U.S. time. A South Korean ministry official said: “Since November last year, we have discussed with the United States to extend the United States’exemption from Iran’s oil sanctions. If the exemption of sanctions is not extended, it means that South Korea cannot import Iranian condensate oil. He said stopping importing this key raw material would have an impact on the Korean economy as Korean companies rely heavily on Iranian condensate for petrochemical production.