South Korea would likely join Japan in seeking a waiver if the US imposed new sanctions threatening the flow of oil from Iran by shutting down payments for Iranian crude, according to Reuters (IOD Dec.16’11). If South Korea fails to get an exemption, Seoul may seek a grace period to make new arrangements in order not to fall afoul of the sanctions. On Dec. 16 Korea added 99 new Iranian organizations and 6 individuals to its list of entities subject to financial sanctions, according to an announcement by the Ministry of Foreign Affairs and Trade.
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