Seoul, May 25 (IANS): The South Korean government will review the issue of whether to maintain its economic sanctions imposed on North Korea in 2010 for a deadly naval attack, mindful of President Yoon Suk-yeol's stated practical approach, a unification Ministry official said.

The remark came on Tuesday as Seoul marked the 12th year since the sanctions were applied on the North after the latter sank the South Korean warship Cheonan in a torpedo attack, which killed 46 sailors.

Under the sanctions, known as the 'May 24 Measures', almost all inter-Korean exchanges are banned except for the Kaesong Industrial Complex and humanitarian aid projects, Yonhap news agency reported.

"The May 24 Measures can be reviewed in accordance with a principles-based and practical approach," the official said on the condition of anonymity.

He stressed, however, that the government's stance on maintaining sanctions on the North remains unchanged for now.

Earlier on Tuesday, a group of South Korean businessmen who used to be involved in inter-Korean economic projects urged the government to lift the sanctions.

"Since the measure went into effect 12 years ago, over 1,000 businessmen are living miserably, with several having gone bankrupt or turned into delinquent borrowers," they said during a press conference held in front of the Ministry building in Seoul.