The US government fully reinstates energy and banking sanctions against Tehran on Monday, however, eight countries will receive temporary sanctions waivers due to their significantly reduced import of oil from Iran.

A South Korean government official already announced that Seoul has been allowed to continue transactions with Iran amid the sanctions, Reuters reported. The official also said that South Korea got an exemption on Iranian oil imports.

In May, US President Donald Trump announced that Washington would be withdrawing from the Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA). In addition, Trump said the United States would reinstate sanctions on Iran that were previously lifted under the JCPOA, with some of the restrictions having been reimposed on August 6 and the main ones slated for November 5. This unilateral move has been opposed by other signatories to the JCPOA, with the European Union, Russia and China looking for ways to continue doing business with Iran.

US Secretary of State Mike Pompeo announced on Friday the United States would grant temporary waivers to eight countries to allow them to continue importing oil from Iran after November 5. He said a list of the jurisdictions receiving the waivers would be released on Monday. Pompeo pointed out that six of the countries agreed to significantly reduce imports of Iranian oil, while two others plan to halt their imports entirely.

US Special Representative for Iran Brian Hook said Friday the Iran sanctions waivers, or significant reduction exemptions (SRE), would last for six months, adding that Washington did not plan to grant any additional SREs after the 180-day period.

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