Iran, S Korea find way to dodge sanctions
IRNA - Islamic Republic News Agency
Tehran, Sept 17, IRNA -- The Central Bank of Iran (CBI) has agreed to open accounts with two South Korean government banks to avoid disruption in Tehran-Seoul trade despite anti-Iran sanctions.
South Korea's Ministry of Strategy and Finance said in a Friday statement that the CBI will open won-based accounts with the Industrial Bank of Korea and Woori Bank by the end of this month, Reuters reported.
Based on the agreement, companies engaged in Tehran-Seoul trade will deposit money into the accounts to pay for both import and export deals in order to settle their transactions in won.
The move circumvents sanctions imposed against Iran by Seoul earlier in September.
Announced last week, South Korean sanctions against Iran over its nuclear program are already hurting South Korean companies.
Following the June 9 US-engineered UN Security Council sanctions against Tehran, the US, the EU and a number of other countries including South Korea took unilateral measures against Iran over its nuclear program.
The US, which possesses and has used nuclear weapons in the past, accuses Iran of pursuing a military nuclear program. Tehran rejects the charges, arguing that as a signatory to the Nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency it has the right to use nuclear technology.
In 2009, Tehran-Seoul trade volume stood at USD 17 billion and in the first five months of 2010, the two country's bilateral trade volume reached USD 6 billion.
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