Tehran, Seoul to Trade in Local Currencies
TEHRAN (PressTV) - South Korea says it has reached a deal with Iran to use local currencies in mutual trade between the two countries instead of the U.S. dollar.
According to Yonhap News Agency, the two countries “will restart the won-based settlement of bilateral trade transactions” using the accounts of the Central Bank of Iran at two South Korean banks: Woori Bank and the Industrial Bank of Korea. “It’s expected to provide South Korean firms with more opportunities for the trade of non-sanctions items such as medical products, processed food and home appliances, although the exports of some products including steel and automobile parts will be affected by the sanctions,” Yonhap quoted an anonymous informed as saying.
The move came after the U.S. announced on Monday that it had restored all Iran sanctions that had been lifted in 2015 after a nuclear deal was signed between the country and the five permanent members of the Security Council – the U.S., Britain, France, Russia and China – as well as Germany. Following the announcement of waivers, SK Innovation, South Korea’s biggest oil refiner by sales, said it was planning loadings of condensate from Iran for early January.