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South Korea Sanctions

In September 2010, South Korea implemented sanctions against Iran in support of international efforts to halt Iran's nuclear program, following United States, European Union and UN sanctions imposed in mid-2010.

The South Korean sanctions, announced on September 8, targeted 126 Iranian individuals and entities, according to The New York Times. The largest among them is Bank Mellat, Iran's second-largest bank by assets, which handles 70 percent of South Korean exports to Iran. According to the Times, "Bank Mellat's Seoul branch will now need to obtain approval from the Bank of Korea, the central bank, before executing any financial deal."

Under the sanctions, South Korea will not bar imports from Iran, but it will prohibit its companies from making new investments in Iran's oil and gas industries, and engaging in technological and financial transactions with them. (The New York Times, September 8, 2010)