S. Korea to support companies affected by Iran sanctions

August 17, 2018 - 18:5

South Korea to extend financial support for companies affected by reimposed sanctions on Iran, the trade ministry in Seoul said Thursday.

The Ministry of Trade, Industry and Energy convened a meeting with trade promotion agencies and banks, as well as local refiners, automakers and construction companies doing business in Iran to discuss various support options available.
Washington's new sanctions, which took effect Aug. 7, target numerous areas of Iranian economic activities, including autos, gold, graphite, aluminum and steel. U.S. sanctions on Iran's energy sector are set to be re-imposed after a 180-day wind-down period ending Nov. 4.
The ministry said it has held two consultations with the U.S. government to get exemptions on Iranian crude imports and will continue the efforts before the energy sanctions go into force in November. Seoul received a waiver during previous sanctions on Tehran.
"The Korean government will continue to consult with the U.S. government to get relief on Iranian crude purchases to minimize the effect of the reimposition of Iran sanctions on the Korean economy and doing business with Iran," Kang Sung-cheon, vice trade minister, said in a task force meeting.
The Ministry of SMEs and Startups will ease qualifications for the emergency business fund for small and medium-sized companies and extend the maturity by one year, and the Korea Trade Insurance Corporation will expand insurance coverage on local exporters.

(Source: Yonhap)

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