South Korea pleased with removal of Iran sanctions

South Korea is pleased with the easing of sanctions on Iran as it can cause a boost in its trade ties and crude imports from Tehran, diplomatic sources said. Over the next six months, South Korea won't have to cut its Iranian crude oil purchases. It is also allowed to import petrochemicals and export automobile parts until July 20, Korea Times reported. South Korea is among the several nations to be eligible for Iran sanction exceptions under the US National Defense Authorization Act. The major Asian economy depends entirely on imports for its oil use, and Iran is traditionally a main supplier. South Korea reportedly bought 24 million barrels of crude oil from Iran last year. "With the in-stage reduction of Iranian oil purchases every six months, (South Korea's) related industry has been under heavy pressure," an informed source said. "The easing of sanctions this time is expected to have a considerable economic effect." Earlier in the day, the Obama administration announced the lifting of some sanctions on Tehran, as it began measures to implement the Geneva deal it reached in November with the so-called G5+1.