1. An interagency working-level delegation of the Republic of Korea (head delegate: Director-General for African and Middle Eastern Affairs Hong Jin-wook) held an ROK-US bilateral consultation with United States Deputy Assistant Secretary of State for Counter Threat Finance and Sanctions David Peyman in Washington, D.C. on December 4. The two sides discussed finance, shipping, insurance and other technical issues to support transactions in trade sectors which were granted exemptions in a follow-up to the exemption from US sanctions on Iran granted to the ROK.

※ The interagency delegation consisted of officials from the Foreign Ministry, the Ministry of Economy and Finance, the Ministry of Trade, Industry and Energy, and the Financial Services Commission.

o The roundtable on sanctions policy which was going to be hosted by the US Department of State on December 5 for 36 countries, which the ROK side planned to attend during its visit to Washington, D.C., has been postponed to early next year, following the US announcement that the federal government will be closed on December 5 in honor of the passing of former President George H.W. Bush.

- Even under such circumstances, the US side held the ROK-US bilateral consultation during a luncheon on December 4, a day earlier than scheduled, at the request of the ROK side.

2. Director-General for African and Middle Eastern Affairs Hong Jin-wook took note that on November 5, the US reimposed sanctions on Iran, and at the same time granted the ROK, its ally, an exemption from the sanctions on Iran. Despite the US decision, as there remain some uncertainties on whether or not particular transactions with Iran are subject to sanctions, Director-General Hong asked the US side to provide clearer guidelines on technical issues, including finance, shipping and insurance, in a swift manner so that trade with Iran can proceed smoothly in areas not subject to sanctions, and areas granted exemptions.

o Deputy Assistant Secretary Peyman expressed appreciation to the ROK for continuing close consultations with the US side, and said that the US Department of State, in cooperation with the Department of the Treasury and other relevant government agencies, would make further efforts to swiftly give answers to the ROK’s inquiries. The Deputy Assistant Secretary also offered to continue close consultations on related issues through diplomatic channels.

3. The ROK government, on the basis of cooperation among relevant government agencies, will continue to work to swiftly figure out what Korean businesses want to know and what difficulties they are facing regarding the reimposition of US sanctions on Iran, and the exemption granted to the ROK. The government will also continue consultations with the US through mutual visits by the delegations of the two sides, and diplomatic channels.

* unofficial translation