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US Renews South Korea's Exemption from Iran Sanctions

Written: 2013-06-06 12:28:09Updated: 2013-06-06 14:13:13

US Renews South Korea's Exemption from Iran Sanctions

South Korea has once again been exempt from U.S. sanctions against Iran.

U.S. Secretary of State John Kerry said in a statement Wednesday that nine countries including South Korea, China and India have qualified for an exception to sanctions for the next 180 days.

The U.S.’ National Defense Authorization Act puts sanctions on foreign financial institutions over transactions with Iran's central bank. However, the U.S. government grants exemptions to countries that have fulfilled several criteria such as significant reductions in crude oil purchases from Iran. The U.S. government is required by law to reconfirm the exemptions every six months.

This is South Korea’s third time being exempt.

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