Foreign Ministry Begins Reviewing Domestic Impact of Strengthened U.S. Sanctions on Iran

[Financial News] The Ministry of Foreign Affairs has begun reviewing the domestic impact of the United States' tightened economic sanctions on Iran.
The ministry said on the 28th that it held a meeting with related agencies, including the Ministry of Economy and Finance, the Ministry of Trade and Industry, the Ministry of Land, Infrastructure and Transport, the Ministry of Oceans and Fisheries (MOF), the Financial Services Commission's Financial Intelligence Unit (FIU), the Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Trade Security Agency, under the chairmanship of Chung Kwang-yong, director of the Africa and Middle East Bureau.
The ministry explained that the meeting was arranged to assess how the latest U.S. sanctions on Iran could affect Korean companies, finance, and trade, after the United States announced on the 24th an economic expulsion campaign targeting third-country individuals and institutions that do business with Iran.
At the meeting, the ministry outlined recent developments in the Middle East and the main points of the U.S. announcement.
Participants agreed to continue monitoring related developments closely, while examining the domestic impact of the sanctions on Iran and maintaining cooperation among the relevant agencies.


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