THURSDAY, SEPTEMBER 9, 2010
KLMNO
EZ RE
The World A13 S.Korea joinsU.S.-led sanctions, bans some financial dealingswith Iran BY SANGWON YOON
seoul — South Korea said Wednesday that it will ban unau- thorized financial dealings with Iran and impose other penalties as part of a U.S.-led campaign to enforce sanctions against the country over its disputed nuclear enrichment program. Seoul targeted 102 entities, in-
cluding the Iranian Revolution- ary Guard Corps and the Islamic
Republic of Iran Shipping Lines, as well as 24 individuals, Foreign Ministry spokesman Kim Young- sun said. The measures bar unauthor-
ized foreign exchange transac- tions with the targets of the mea- sures, halt existing banking rela- tions and prohibit the opening of new branches or representative offices in South Korea, Kim said. The individuals named are also banned from entering South Ko- rea, Kim said.
South Korea will also heavily penalize the Seoul branchofBank Mellat, one of the 15 targeted Iranian banks, for violating laws onforeign exchange transactions, a government statement said without elaborating. The Seoul branch of BankMel-
lat has “facilitated hundreds of millions of dollars in transactions for Iranian nuclear, missile and defense entities,” the statement said.
Kim said the sanctions further
reinforce U.N. resolution 1929 against Iran, the latest of several measures by the international community to halt Iran’s nuclear program. “South Korea expects Iran to
join international efforts for nu- clear nonproliferation and take steps to faithfully implement its obligations under the relevant U.N. Security Council resolu- tions,” he said. TheUnitedNations approved a fourth round of sanctions against
Iran in early June over accusa- tions that it is seeking to develop atomic weapons. Iran denies that its nuclear programis militaristic in nature and says it has a right to conduct uranium enrichment for peaceful purposes. The United States has also in- dependently imposed new sanc- tions against Iran and has urged other countries to follow suit. So far, the European Union,
Australia,CanadaandJapanhave joined the international cam-
paign against Iran. Seoul has been cautious in tak-
ing action against Iran, trying to balance its diplomatic interests with the United States, a key ally, and its economic interests with Iran. Iran is South Korea’s third-
largest trading partner in the Middle East, with two-way trade totaling nearly $10 billion last year, according to the Korea In- ternational Trade Association. —Associated Press
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