Iran South Korea

Iran urges South Korean banks to release its $7b oil money

Governor of the Central Bank of Iran called on South Korean banks to release Iran’s oil money frozen under US pressure, warning that the Islamic Republic reserves the right to take legal action under international law.

Trade

South Korea deputy PM pledges to resolve banking problems with Iran

South Korean deputy PM Hong Nam-ki says he is unhappy with the banking situation with Iran, saying he will do whatever he can to resolve the issues.

Financial Markets

CBI governor urges faster resolution of banking problems with South Korea

Abdolanser Hemmati Governor of the Central Bank of Iran (CBI) is in South Korea to resolve an acute banking situation with South Korean banks that have barred Iran from accessing its funds due to the US sanctions.

Financial Markets

Iran calls on South Korea to allow access to funds in its banks

Chief Iranian banker Abdolanaser Hemmati criticised Seoul’s obstructionist policies that bar Iran from tapping into its deposits in South Korean banks.

Financial Markets

South Korea to continue US talks to get Iran sanctions waiver: Envoy

Seoul is in constant talks with Washington to convince that it needs to keep buying Iranian gas condensates or it will face huge costs in modifying its refinery installations.

Energy

Iran in talks with European, Asian countries to send skilled workers abroad

Sending skilled Iranian workers abroad is a government initiative aimed at cutting down the number of unemployed youth as well as meeting the high demand for skilled workers in countries such as Germany or Japan.

Mine and Industry

’US sanctions on Iran took heavy toll on South Korean SMEs’

South Korea has been cutting down on oil imports from Iran and data show there’s been a 70% drop in bilateral trade.

Trade

South Korean officials to press for Iran sanctions waiver in United States

Seoul obtained last November a 180-day exemption from US sanctions on buying Iranian energy. The Asian country has been trying to convince the US authoities that Iranian condensates are the best feed stock for its refineries.

Energy

Asia’s crude oil imports from Iran to redouble in February

Unilateral US sanctions on Iran have targeted Iranian oil sales that have caused some dips in the country’s crude purchase. But with countries such as Japan and South Korea restarting importing Iranian crude, the purchase is set to rebound in this month.

Energy

South Korea restarts Iranian oil imports before waiver window shuts down

The world’s fifth-largest crude importer won a six-month waiver in November from U.S. sanctions on Tehran’s oil exports, but did not immediately start imports, mainly due to payment and insurance issues.

Energy