"We are currently considering [the matter] in consultation with a related [government] agency," Kang said, as quoted by the Kyodo news agency.
The sanctions, also known as 5.24, were imposed by Seoul after a torpedo attack against the South Korean warship and banned economic transactions with North Korea.
Pyongyang denies it was responsible for the attack.
READ MORE: Pompeo-Kim Meeting Signals Diplomatic Reset Between Nations — Scholar
The situation on the Korean peninsula has significantly developed over the last few months, with North Korea's Kim promising to give up nuclear aspirations.
Kim Jong-un has held three rounds of talks with his South Korean counterpart Moon Jae-in and a historic summit with US President Donald Trump in Singapore in June.
