S. Korea slaps independent economic sanctions on Iran (2)

Under Seoul's sanctions, adopted in addition to UN sanctions over Tehran's uranium enrichment program that some say is a cover for developing nuclear weapons, all financial institutions here will have to report to the South Korean authorities if they are to engage in financial transactions involving more than 10,000 Euros. Prior permission from the government is a must for transactions involving more than 40,000 Euros.

Seoul will also step up Iran-related cargo inspections, put blacklisted entities and individuals on travel ban list and limit the country's investment into Iran's gas and oil refinery industries.

The government is in the process of explaining the measures to Iranian authorities, and will discuss the details with them in the coming months, an official said on condition of anonymity.

INDEPENDENT DECISION

Seoul has been stuck in the middle between Washington, its closest ally, and Tehran, its increasingly important trade partner.

The announced sanctions came after the United States ramped up its efforts to push Seoul, its major Asian ally, to join its campaign to foil Iran's alleged nuclear ambition. Robert Einhorn, the State Department's special adviser for nonproliferation and arms control, visited Seoul in August to press the issue.

Officials from Tehran, denying the charge and claiming its nuclear activities are all for peaceful purposes, threatened countermeasures.


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