UN Sanctions on Iran Reinstated After 10 Years... Impact on Korea "Limited"

UK, France, and Germany Restore Sanctions Over Iran's Nuclear Deal Violations
Russia and Iran Claim Measures Are "Invalid" as Diplomatic Tensions Rise
Ministry of Foreign Affairs: "Trade with Korea Is Minimal... Impact Expected to Be Limited"

The United Nations Security Council has reinstated sanctions against Iran for the first time in a decade, citing Iran's violation of the 2015 nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA). However, the South Korean government assessed that the impact of this measure on the Korean economy would be limited, as bilateral trade has already been virtually suspended due to independent sanctions imposed by the United States and other Western countries.

A panoramic view of the Arak heavy water nuclear facility complex in southern Tehran, Iran, photographed in August 2006. Photo by Yonhap News Agency

According to the United Nations headquarters on September 28 (local time), the "snapback" procedure, based on Security Council Resolution 2231, was triggered, resulting in the reinstatement of sanctions against Iran starting at midnight (9 a.m. Korean time) on this day. With the implementation of the snapback, activities and transactions related to nuclear and ballistic missile programs, as well as arms imports and exports, are now prohibited. Asset freezes and travel bans on designated individuals and entities are also being reimposed.

Previously, the United Kingdom, France, and Germany initiated the sanction restoration process last month, arguing that Iran had seriously violated the terms of the agreement, including increasing its uranium stockpile to more than 40 times the permitted limit. However, Iran and Russia are strongly protesting the measure, calling it "illegal and invalid." Iranian President Masoud Pezeshkian, speaking to reporters immediately after his address at the United Nations General Assembly in New York, stated, "We will resolve all issues," leaving room for negotiations with Western countries.

The South Korean government has determined that the ripple effect of these sanctions on Korean companies will not be significant. The Ministry of Foreign Affairs stated, "Since the United States withdrew from the nuclear agreement in 2018, trade with Iran has already plummeted and is currently at a minimal level," adding, "The reinstatement of United Nations sanctions is also expected to have a limited impact on domestic industries." The ministry further emphasized, "As a responsible member of the international community, the government will continue to work toward the peaceful resolution of Iran's nuclear issue, while also minimizing difficulties for Korean businesses through interagency consultations."