South Korea to ban oil, gas investments in Iran
SEOUL – South Korea said it will ban any new investments for Iranian oil, gas and construction projects, joining nations including the US in imposing sanctions for the Middle Eastern country's nuclear programme.
South Korea also put 102 Iranian organisations including Tehran-based Bank Mellat and 24 individuals on a list banning financial transactions without central bank approval, according to an e-mailed statement yesterday from the Ministry of Strategy and Finance. South Korea will prohibit its own banks from opening new branches in Iran and Iranian banks from expanding in South Korea.
"The Bank of Korea will apply very strict rules in approving financial and trade transactions," Vice- Finance Minister Yim Jong Yong told reporters yesterday in Gwacheon, south of Seoul.
The move comes after the UN imposed new sanctions against Iran in June, prompting the US, EU, Canada, Australia and Japan to toughen their punitive measures.
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