South Korea will provide financial support to national companies doing business in Iran, which are affected by anti-Iran sanctions re-imposed by the United States, local media reported on Thursday citing the South Korean Trade Ministry.
MOSCOW (Pakistan Point News / Sputnik - 16th August, 2018) South Korea will provide financial support to national companies doing business in Iran, which are affected by anti-Iran sanctions re-imposed by the United States, local media reported on Thursday citing the South Korean Trade Ministry.
On August 7, Washington re-instated the first package of its sanctions against Iran, previously lifted under the Iran nuclear deal. The sanctions target Iran's acquisition of Dollar bank notes, trade in gold and other metals, transactions related to the Iranian rial, as well as the other countries' transactions and trade activities with Iran. Another wave of US sanctions on Irans energy sector is expected to be re-imposed in November.
According to the Yonhap news agency, South Korea will also explore alternative markets in order to minimize a negative impact on the countrys economy, as well as will continue negotiating exemptions from US restriction on imports of Iranian oil.
According to the Observatory of Economic Complexity figures, South Korea was the world's third importer of Iranian oil in 2016.
