South Korea joins UN sanctions against Iran

In accordance with the United Nations Security Council Resolutions, the sanctions/measures by international society in particular, the US and EU, which have raised the level of restrictions in an effort to restrict the Iran’s suspected nuclear development, the Korean Government has decided to join the international sanctions against Iran.

To this end, the Korean Government has declared to prepare new guidelines and regulations in the finance, international trade, transportation, construction, and energy sectors in order to implement recommendations set out in the UN Security Council Resolution No. 1929, by its announcement dated 8 September 2010 (“Announcement”).

Following the above, new and more detailed guidelines have been established by relevant non-public organizations/institutions such as the Korea Foreign Trade Association (“KFTA”) and the Korean Federation of Banks (“KFB”).

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