hankyoreh

The South Korean government is hinting that it will join in an additional set of US measures for economic retaliation against Iran. Once observers began predicting that the US Congress would pass legislation this week for powerful sanctions against Iran, Seoul chimed in by announcing its own plans for additional sanctions. Sanctions against Iran, which supplies close to 10% of South Korea's imported crude oil, could have a crippling effect on our economy and national security. If Seoul has any concern for our minimal dignity as a sovereign state and the security of our citizens, it must not rush to take part in the additional sanctions.
The legislation drafted by the US Congress has the aim of cutting off Iran's trade. It states that financial institutions overseas that engage in transactions with the Iranian central bank will not be allowed to use the US financial system. In South Korea, Woori Bank and Industrial Bank of Korea would both be subject to these sanctions, as they engage in transactions with Iran's central bank. At the moment, they represent the only means of conducting transactions in our trade dealings with Iran. Washington's economic retaliation against Iran would therefore have the effect of cutting off the opportunity for South Korean businesses to work in the country and severing trade relations.
Initially, the South Korean government seemed to be taking a wait-and-see approach to Congress's actions. It changed its tune, though, after a South Korea visit early this month by US State Department special adviser Robert Einhorn. During a press conference on Dec. 5, Einhorn made an overt call for South Korean participation in the Iran sanctions, saying, "We look to the ROK to be with us in sending a unified, clear signal."
But the international community is unlikely to get on board with Washington's sanctions against Iran, which are extraterritorial measures not included in the scope of the United Nations Security Council resolution for Iran sanctions. Their justification is not especially clear, either. Washington is claiming that Tehran's determination to develop nuclear weapons has become more apparent, basing this on a report released recently by the International Atomic Energy Agency. That report, however, contains only circumstantial allegations without explicit evidence.
In September 2010, Seoul hurried to comply with demands from Washington by carrying out sanctions that included the closure of a Seoul branch of Iran's Bank Mellat. Many South Korean businesses suffered greatly as a result. Accepting Washington's new sanctions as well would be an unconstitutional action that excessively violates the property rights of South Korean financial institutions and businesses. It could also lead to interruptions of our crude oil supply as Iran takes measures in response. If the government truly wants a strong alliance with the United States, it needs to break free from blind obedience in its relations with Washington. Now is a time when we need practical diplomacy for the sake of world piece and the national economy.

Please direct questions or comments to [englishhani@hani.co.kr]