The Iran Sanctions and South Korea’s Balancing Act
Following the recent progress on the Iranian nuclear issue and the subsequent easing of sanctions, South Korean businesses are reengaging the Iranian market. A South Korean trade delegation visited Iran on March 9, 2014 to expand bilateral trade ties in the mining, industrial, and food sectors. On March 17, South Korea’s Finance Ministry lifted a ban, allowing South Korean auto, construction, pharmaceutical, and telecommunications industries to resume trade with Iran, though sanctions remained in the shipbuilding, shipping, and harbor sectors.