South Korea is expected to launch active discussions on lifting its current sanctions against Iran as negotiators agreed on a landmark deal on the Iranian nuclear issue.
 
A Seoul official said on Tuesday that the government has already reviewed necessary steps for lifting sanctions through close consultation among related ministries. 

Another official at Seoul's finance ministry said that when the sanctions against Iran are lifted, it would represent a great opportunity for South Korean companies to advance into the Middle East market.

Ministries of foreign affairs, finance and industry are expected to hold official consultations soon upon the announcement of the finalized deal.

The South Korean government placed a total of 231 Iranian organizations and individuals on its list of entities subject to financial sanctions to implement the UN Security Council Resolution 1929 against Iran. South Korea's oil imports from Iran have been reduced due to Washington's National Defense Authorization Act.

Iran and the so called P5 Plus 1, including the United States, the United Kingdom, France, Russia, China and Germany, on Tuesday are said to have agreed on a deal under which Tehran would curb its nuclear programs in exchange for the easing of sanctions.