S. Korea says it can’t join Iran sanctions now

TEHRAN,Jan.31(MNA)-- South Korea's finance minister called Monday for more time to diversify oil sources amid pressure on Seoul to join US-led sanctions on Iranian oil. Bahk Jae-Wan said negotiations with the U.S. were under way but called for a gradual approach to minimize damage to the economy. South Korea imports nearly 10 percent of its crude from Iran. "Each nation has different circumstances...so there are many factors to consider...including what to do with existing contracts," he told reporters, describing the current volume of Iranian oil imports as "quite large".