Azerbaijan, Baku, Jul.2/ Trend F.Milad/
The chairman of Tehran Chamber of Commerce, Industries and Mines believes that South Korea will be a loser if it follows the U.S. and EU in imposing sanctions against the Islamic Republic.
Mohammad-Mehdi Rasekh told the IRNA News Agency that the recent move of South Korea in banning Iranian oil imports was under pressure from western powers. However, South Korea's economy will be harmed from adopting this policy, he stressed.
As many as 2900 Korean companies which engage in trade with Iran, would be hit harshly over a Korean oil ban against Iran, the Korea Times reported.
Economic ripples are expected to be felt keenly as Iran threatened to halt all imports from South Korea in protest against Seoul's decision to ban Iranian oil under sanctions imposed by the European Union.
Iranian Ambassador to Seoul Ahmad Masumifar said in an interview with the Yonhap News Agency that his country "may decide to fully stop importing Korean goods" if Seoul slaps an import ban on Iranian oil.
The warning comes as South Korea claims it will be forced to halt oil imports from Iran due to the EU's ban on insurance of oil tankers transporting Iranian oil from July 1 as part of sanctions against Iran.
Most worrisome are the small to medium-sized companies that would take a direct hit. According to the Knowledge Economy Ministry, of the 2900 Korean companies engaged in trade with Iran, 2700 of them are SMEs.