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South Korea reportedly hopes that a loss in Iranian oil imports could be compensated for by imports from other countries. South Korean Deputy Foreign Minister Kim Jae-shin said that Seoul will closely cooperate with Washington to "minimize adverse effects" to the South Korean economy. "Many Koreans are quite worried that further strengthening sanctions against Iran may at this time destabilize the international market of crude oil," he told reporters, Einhorn standing by his side. South Korea also said in a separate statement Tuesday that it understands the purpose of U.S. sanctions against Iran and that it will cooperate to the best of its ability for the peaceful resolution of the Iranian nuclear problem. Iran says its nuclear program is for peaceful purposes. But a U.N. nuclear agency report suggests it is working toward development of atomic weapons. China, the world's biggest energy consumer, remains unwilling to back an oil embargo against Iran. A Chinese deputy foreign minister said last week that China's trade with Iran has nothing to do with Iran's nuclear program. Einhorn also said that the situations in Iran and North Korea are related and that progress in one country will help achieve progress in the other. International negotiations aimed at getting North Korea to abandon its nuclear ambitions have been stalled since early 2009.
[Associated
Press;
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