South Korea, Iran mull future trade relations after sanctions take effect

Business Materials 4 November 2018 15:36 (UTC +04:00)

Tehran, Iran, Nov.4


The United States has officially announced that 8 countries are exempted from Iran oil sanctions but those eight countries should gradually cut their trade relations with Iran during a specific period of time, Pouya Firouzi, the secretary general of Iran-South Korea Chamber of Commerce told Trend.

One of those countries is South Korea, said Firouzi.

"Hence, the Korean embassy has invited a delegation from the Iran and South Korea Chamber of Commerce to attend the embassy tomorrow, in order to take a look at the latest trade status and its potential future,” he said.

“South Korean government has shown that maintaining ties to Iran is worthwhile for them, and the authorities, including the ambassador to Iran has repeatedly stated that the bilateral trade relations are as much as it's definitely not possible to completely cut it off,” he said.

The U.S. government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on November 5.

Iran's biggest oil customers — all in Asia — have been seeking sanctions waivers to allow them to continue buying some of its oil and have argued that a total ban would spur a further rally in the price of crude.

Bloomberg reported on Friday that South Korea and Japan had received waivers along with India, which relies heavily on Iranian supplies.

A list of all countries getting waivers was expected to be released officially on Nov.5.