A delegation of senior U.S. diplomats is scheduled to arrive in Seoul on Monday for consultations on anti-Iran sanctions expected to focus on how much Korea should cut its crude oil imports from the Middle Eastern nation.
Late last month, U.S. President Barack Obama signed into law a bill that imposes tough sanctions against financial institutions dealing with the central bank of Iran accused of seeking a nuclear weapons program.
The new U.S. sanctions, however, have placed South Korea in a difficult position, as Seoul imports some 10 percent of its crude oil needs from Tehran.
Einhorn, who last visited South Korea early last month, will be accompanied by Daniel Glaser, the U.S. Treasury's deputy assistant secretary for terrorist financing and financial crimes, Seoul's foreign ministry said.
South Korean officials said that Seoul has not yet made a decision on how much to cut its crude oil imports from Iran.
In a statement, the foreign ministry said South Korea will "actively request that the U.S. help minimize potential adverse effects that the new U.S. sanctions could exert on South Korean companies in the course of their implementation."
During his visit to Seoul last month, Einhorn denied that he specifically asked Korea to stop purchases of crude oil from Iran, but said the U.S. would welcome such a decision by Seoul.
Iranian crude oil accounted for 8.3 percent of total imports by South Korea in 2010, but the ratio rose to 9.6 percent in the first 11 months of last year.
Currently, Korea is dealing with Iran's central bank to make payments for its crude oil imports.
In an apparent move to minimize fallout from the U.S. sanctions against Iran, Korean Prime Minister Kim Hwang-sik is currently on a tour of two Middle East nations, Oman and the United Arab Emirates. (Yonhap)
Source: The Korea Times
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