SEOUL—South Korea said it will continue bilateral discussions with the U.S. to find an acceptable compromise on sanctions against Iran's crude-oil exports, as the resource-poor country attempts to safeguard its energy security without alienating its key ally and trade partner.
A delegation of U.S. officials led by Robert Einhorn, special adviser on non-proliferation and arms control, met with South Korean officials throughout Tuesday to solicit Seoul's cooperation on U.S.-led efforts to curtail Iran's oil revenues to pressure Tehran into giving up its nuclear program.
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The U.S.'s special adviser for nonproliferation and arms control, Robert Einhorn, answers reporters' questions after meeting South Korean Deputy Foreign Minister Kim Jae-Shin in Seoul.
The U.S. delegation stressed the importance of resolving the standoff over Iran's nuclear program through global cooperation, the Korean government said in a statement. The U.S. seeks a gradual reduction of Iranian oil imports, to avoid disrupting the global crude-oil market or hurting its allies.
In response, Korean officials expressed their desire to go along with the multilateral effort but stressed the importance of minimizing the impact of the sanctions on the Korean economy, which is almost wholly dependent on overseas producers for its energy needs.
"The two sides agreed to continue efforts to reach an amicable solution that takes into account the interests of our country and companies while achieving the target sought by the U.S.," a Korean foreign ministry spokesman said. The two countries will hold additional talks over the matter but didn't specify any dates.
South Korea sources nearly 10% of its crude oil from Iran, and it would be difficult for the country to find alternative supplies quickly. The government has said it will look to secure alternative supplies to Iranian crude from Iraq and Kuwait.
Washington can choose to grant Seoul either an "exception" or a "waiver" to its sanctions. To be an exception, South Korea would have 180 days from the date the U.S. law took effect to reduce Iranian crude imports, while for a waiver it would have to act within a 120-day period in a way that would reinforce U.S. security.
Seoul is more likely to opt to be considered as an exception, people familiar with the matter say, a path that would require it to reduce Iranian crude imports significantly by end-June.
Write to Se Young Lee at vincent.lee@dowjones.com
sanctions against Iran, Robert Einhorn, South Korea, South Korean officials, energy security, SEOUL—South Korea online, Iran, Seoul, Seoul, Korean officials, crude oil, special adviser, Korean government, arms control
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