Iran South Korea

Iran preparing legal action against South Korea for non-payment

The Central Bank of Iran (CBI) is preparing to lodge an official complaint against South Korea, says a report, as Seoul refuses to return Iranian funds blocked in the country allegedly to comply with US sanctions on Tehran.

Trade

KOHTA to handle South Korea-Iran humanitarian trade: Envoy

Ambassador of the Republic of Korea to Tehran Ryu Jeong-hyun has explained the mechanisms established by Seoul for conducting humanitarian trade with Iran amid the United States’ sanctions. KOHTA which stands for the Korean Humanitarian Trade Arrangement is going to replace the pilot mechanism which is called the GL8.

Trade

Tehran, Seoul agree to launch working group on humanitarian trade

South Korea and Iran have agreed to launch a working group on expanding humanitarian trade as part of efforts to maintain bilateral partnership within the scope of a US-approved sanctions exemption, a source close to the matter said.

Trade

Iran to sue South Korean banks for non-payment

Iran is taking a legal action to force South Korean banks to give Iran access to billions of dollars frozen under U.S. pressure, the Iranian Foreign Ministry announced on Saturday.

Trade

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