S. Korea asks US to consider exporters' woes after scrapped Iran sanctions waiver

11 June, 2019
Source: Yonhap

South Korea's finance minister has called for positive US consideration in resolving difficulties facing smaller South Korean companies due to US sanctions on Iran, the finance ministry said on Monday.

Hong Nam-ki, the minister of the economy and finance, made the request during his meeting with US Treasury Secretary Steven Mnuchin on the sidelines of an annual meeting of the Group of 20 finance ministers in Fukuoka, Japan, on Sunday.

Mnuchin said he hopes the issue can be resolved smoothly through close consultations between South Korea and the United States, the former’s Ministry of Economy and Finance said, without elaborating.

Smaller South Korean exporters also face difficulties as they have stopped their exports to Iran due to the US sanctions on Iran, the ministry said.

The ministry declined to say how many South Korean companies are affected by the US sanctions.

Last week, Hong met with Iran's central bank governor, Abdolnaser Hemmati, in Seoul, and the two sides agreed to help address difficulties facing South Korean companies.

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