Ministries are in talks on putting new sanctions on Iran for its nuclear development program, likely to include a ban on petrochemicals trade.

The ministries of foreign affairs, finance, and commerce, and the Financial Supervisory Commission are reviewing the level of additional sanctions on Tehran, an official said Friday.

South Korean Foreign Minister Kim Sung-hwan and U.S. Secretary of State Hillary Clinton are expected to discuss the sanctions when they meet in Busan on Wednesday.

“Several government agencies are discussing the level of fresh sanctions. We have been fully implementing sanctions against Tehran at the request of the U.S. in the past, and it’s likely to happen that way this time as well,” the Finance Ministry official said.

A U.N. report released last week detailed evidence that Iran is still conducting research about developing an atomic bomb in its military laboratories.

The U.S., Canada, Britain have already imposed fresh sanctions on Tehran. European nations are currently considering a boycott of the OPEC producers’ oil to pressure Tehran over its nuclear programs.

Seoul’s fresh measures are likely to target Iran’s petrochemical industry, which is heavily dependent on demand from Europe and Asia. Wendy Sherman, U.S. undersecretary of state for political affairs, on Tuesday visited Korea’s Vice Foreign Minister Park Suk-hwan, allegedly to ask the Korean government to join Washington’s efforts to step up the pressure on Tehran.

The total volume of petrochemicals trade between Seoul and Tehran is below $1 billion, sources said.

Seoul has been fully implementing sanctions on Tehran in line with the U.N. Security Council Resolution 1929.

Last September, Korea joined the European Union and Japan in imposing sanctions against Iran, of which a core part calls for all Korean individuals, businesses and other entities to get prior approval from the Bank of Korea when conducting financial transactions with Iranian banks.

Those entities include the Bank Mellat Seoul office, the Iranian Revolutionary Guard Corps and the Islamic Republic of Iran Shipping Lines.

France said it will impose a ban on imports of Iranian oil if other European Union partners join the move.

Iran is currently not answering questions raised by the International Atomic Energy Agency.

By Cynthia J. Kim (cynthiak@heraldcorp.com)