Iran sanctions applied

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Iran sanctions applied

Korean trading firms have been barred from engaging in entrepot trade related to Iranian firms as local state-run banks suspended trade financing in a bid to join U.S.-led economic sanctions against Iran, sources said Tuesday.

State-owned Woori Bank and the Industrial Bank of Korea recently stopped providing related financing to local trading firms which were involved in intermediary trade linking Iranian firms and companies in China and other foreign nations.

“As the international community has been beefing up the imposition of economic sanctions against Iran, the move came in a bid to prevent causing unnecessary misunderstanding,” an industry watcher said.

In September of last year, Korea agreed with Iran to set up a won-based transaction settlement arrangement for bilateral trade, mainly out of the necessity for oil imports, saying the move did not go against efforts to punish Iran for its nuclear ambitions.


Yonhap

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