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| Barack Obama speaks in Seoul, South Korea. The president is moving ahead with tough new sanctions aimed at squeezing Iran's oil exports after determining there is enough crude on world markets to take the step without harming U.S. |
SEOUL, South Korea — South Korean officials say they will continue working with the U.S. to reduce oil imports from Iran after President Barack Obama greenlighted potential sanctions against countries that continue to buy Iranian oil.
South Korea is one of several major importers of Iranian oil that have not received exemptions from the U.S. sanctions.
Foreign Ministry officials in Seoul said Saturday that they expect to reach an agreement with Washington by late June on reducing oil imports from Iran. The officials declined to be named because discussions were still under way.
South Korea has already restricted financial dealings with more than 200 groups and individuals with suspected links to Iran's nuclear program. Seoul relies on Iran for up to 10 percent of its oil.
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