Sign In / Up

Add contribution as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Comment as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Login

Not a member Register   Forgot Password
or connect using
 

Email

 

Rudaw

Iran

Iran strikes barter deal with South Korea to continue oil exports

By Rudaw 1/12/2018
.
.
ERBIL, Kurdistan Region – Iran has struck a bartering deal with South Korea to continue oil exports while avoiding United States sanctions, state media reported. 

“According to the plan, goods will be given to Iranian importers and their price will be subtracted from the price of the oil exported to South Korea, and the importers will pay the price of the goods to the Iranian government,' Hossein Tanhaee, head of the Iran-South Korea Joint Chamber of Commerce, told IRNA on Saturday. 

South Korea was granted one of eight waivers by Washington, giving it an extra 180 days to wean itself off of Iran’s oil before being subject to US sanctions. South Korea was one of the top buyers of Iranian crude, but it stopped imports in anticipation of the sanctions. 

Tanhaee said that their respective private sectors can barter via this new mechanism – a joint fund – even if transactions at the central bank level are impossible. 

Seoul has not immediately commented on the deal. 

The main items traded between Iran and South Korea are Iranian oil and petrochemical products and Korean household appliances. Tanhaee said they could expand this with Iran exporting food, lead, and zinc and importing paper and cosmetics. 

The US imposed sanctions on Iran’s oil sector earlier this month after withdrawing from the nuclear deal in May. The administration of Donald Trump has labelled Iran a state sponsor of terror and wants to curtail Tehran’s regional activities. 

Comments

 
Post a New Comment
Comment as a guest or Login for more enhanced interactive experience

Be Part of Your Rudaw!

Share your stories, photos and videos with Rudaw, and quite possibly the world.

What You Say

Gokce Kavak | 12/19/2018 6:21:33 AM
Tahir Elci is a Turkish Kurdish person working for Turkish Government. The Justice and Development Party (AKP) and The Nationalist Movement Party...
Gokce Kavak | 12/19/2018 6:40:48 AM
Turkey 🇹🇷 totally condemns Austria 🇦🇹 and Israel 🇮🇱’s works and long-term arrangements and also strictly condemns the European Union 🇪🇺 for...
Briton appealing Turkey terror sentence flees to UK: report
| 15/12/2018 | (6)
Josh | 12/19/2018 5:11:02 AM
I wish Iraqis will understand that Iranians has killed more Iraqis since the days of I Islamic rule and stop their blind loyalty to Iran and its...
Iraq, Iran exchange bodies of war dead
| 17 hours ago | (1)
alfred | 12/17/2018 3:49:20 PM
kurds should not be stupid to have wrong pride. and for sure - all fractions ,parties of the kurds from all regions must stand together for their...
Truly Kurd | 12/19/2018 2:33:43 AM
One PKK supporters saying to Peshmerge go to librate Kirkuk first. Well then someone should tell PKK/YPG go to librate Afrin." That is called...
UPDATE: SDF rejects Peshmerga offer to bolster Syria-Turkey border: monitor
| 16/12/2018 | (14)
PCDurum | 12/18/2018 11:25:36 PM
It shames me and you for not trying to bring your own people together! Erdogan is not your friend anymore than Saddam was your friend!The Kurdish are...
PCDurum | 12/18/2018 11:32:52 PM
It does not surprise me pre boomer MB! Trump only ever thinks about himself as so many!Trump is a brutal fool in charge of a Super power which is...
Turkey offensive in Syria ‘a bad idea’ warns US rep Jeffrey
| yesterday at 11:46 | (12)

Elsewhere on Rudaw

Kurdish pop star Helly Luv releases new single 3 hours ago |

Kurdish pop star Helly Luv releases new single

The single ‘Guns and Roses’ is being released more
 In 2019, Mideast economic troubles loom as wars wind down 4 hours ago |

In 2019, Mideast economic troubles loom as wars wind down

A "rising sense of hopelessness among broad more
ISIS has executed 700 prisoners since Hajin ouster: war monitor 5 hours ago |

ISIS has executed 700 prisoners since Hajin ouster: war monitor

The SDF announced Friday it had ousted ISIS from more
0.172 seconds