Oil billions frozen by US sanctions worsens Iran-S Korea row

Published by
Al-Araby

A row between Iran and South Korea is intensifying, with Tehran threatening legal action unless Seoul releases more than $7 billion in funds for oil shipments frozen because of US sanctions. The Islamic republic was South Korea’s third-largest Middle Eastern trade partner before the US unilaterally withdrew from a 2015 nuclear deal between Tehran and world powers and reimposed crippling sanctions. Iran had been a key oil supplier to resource-poor South Korea and in turn imported industrial equipment, household appliances and vehicle spare parts from Seoul. “We have $7.8 billion of our money bl…

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