WASHINGTON (Yonhap) -- South Korean Finance Minister Bahk Jae-wan said Wednesday that his country is nearing a deal with the United States on crude oil imports from Iran.

"In general, consultations are proceeding smoothly. So, I don't think there will be a big problem," Bahk told reporters here.

He arrived in Washington earlier in the day to attend a gathering of G-20 finance ministers and the spring meetings of the International Monetary Fund (IMF) and the World Bank.

Seoul is seeking a waiver from Washington's sanctions against Iran's oil sector under a new law aimed at tackling the financial source of its nuclear program.

The law would prevent any financial institution dealing with Iran's central bank from access to the U.S. financial system.

But it allows the U.S. government to issue waivers to firms in countries that "significantly" reduce oil imports from Iran. The U.S. should decide on countries eligible for waivers by June 28.

South Korea and the U.S. have been in talks over how much Seoul should cut. South Korea imports nearly 10 percent of its oil demands from Iran.

The minister said the consultations are "in the final stage."

There is no "specifically contentious issue or a tug-of-war," he said, refusing to go into further details.