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

17:27, September 08, 2010      

Email | Print | Subscribe | Comments | Forum 

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.


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.

【1】 【2】 【3】


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • A model presents creation by Mexican designer at Mexico Fashion Week, Mexico City, Sept. 29, 2011. (Xinhua/AFP Photo)
  • Models present creations by Mexican designer at Mexico Fashion Week, Mexico City, Sept. 29, 2011. (Xinhua/AFP Photo)
  • Tourists walk in front of the Reichstag building in Berlin, capital of Germany, Sept. 29, 2011. Fine weather on Thursday added to the mood of outdoor leisure for residents and tourists in Berlin. (Xinhua/Ma Ning)
  • Dancers from National Ballet Troupe of Spain perform during a rehearsal for the press at Taipei, southeast China's Taiwan, Sept. 29, 2011. The troupe will put on Dualia and La Leyenda, two folk dances here from Sept. 30 to Oct. 2. (Xinhua/Wu Ching-teng)
  • Players of Iran throw up their coach Velasco Julio during the awarding ceremony at the 16th Asian Men's Volleyball Championship in Tehran, capital of Iran, Sept. 29, 2011. Iran won the champion after beating China 3-1 in the final on Thursday. (Xinhua/Ahmad Halabisaz)
  • Greek artists burn copies of emergency tax notices during a protest against austerity measures in Athens, Greece, on Sept. 29, 2011. The Greek government is facing a new wave of protests as it introduces new austerity measures to obtain the sixth tranche of aids necessary to overcome the acute debt crisis.(Xinhua/Marios Lolos)
Hot Forum Discussion