South Korea can get exception and import Iranian oil further after the sanctions.
According to the news reports citing South Korea sources, Seoul has generally managed to come to terms with Washington regarding further oil imports from Iran. The USA will launch new restrictions against Iran in early November. In fact, South Korea is not the first country with such request. For now, many customers of the Iranian oil are negotiating with the US administration regarding this issue.
For now, Brent prices dropped to $74.57/bbl driven by the fact that OPEC members planned to ramp up production to cover the possible shortage of Iranian oil.
Although Washington insisted that all countries should not just minimize imports from Iran but even completely abandon it, though some of them hardly can do that immediately, as commented Washington representative. He also added that they want to boost pressure on Iran but without pressure on their partners and allies. As a result, Donald Trump's administration keeps working on the solutions.
Specifically, it was reported that the US and Indian officials agreed on the general terms of the import permission for India. At the same time, the money paid for Iranian oil will be held at escrow account until sanctions expire.
However, it is still unclear what actions can be taken by the oil consumers after the US measures come into force. For example, there are rumours that European importers discuss the ways to avoid the anti-Iran sanctions.