The Ministry of Trade, Industry and Energy has called an emergency meeting to discuss countermeasures over Washington’s decision to stop granting exemptions for Iranian oil imports. 

In the meeting on Tuesday presided over by Deputy Trade Minister Kim Yong-rae, the participants, including representatives from the local petrochemical industry and government agencies assisting their overseas trade activities, checked the U.S. policy’s possible ramifications on the country’s oil supply and related industries. 

They also discussed measures aimed to minimize the potential damage. Deputy Minister Kim urged the petrochemical industry to diversify its import sources and secure alternative oil while instructing the state agencies to help them adapt to the possible changes. 

The communication between the government, businesses and public organizations has continued since the U.S. announced in May of last year that it would resume sanctions on Iran.

On Monday, the U.S. said it will no longer grant sanctions waivers to any country importing Iranian oil as part of efforts to strengthen its pressure campaign on Tehran. Earlier, the Trump administration had granted six-month waivers to eight countries, including South Korea.