US Grants South Korea An Iran Sanctions Exemption
Faizan Hashmi Published January 13, 2022 | 02:19 PM
The United States has granted South Korea a sanctions exemption, allowing the country to pay millions of dollars of overdue compensation to an Iranian investor over a 2010 dispute
Seoul, (APP - UrduPoint / Pakistan Point News - 13th Jan, 2022 ) :The United States has granted South Korea a sanctions exemption, allowing the country to pay millions of Dollars of overdue compensation to an Iranian investor over a 2010 dispute.
Seoul's foreign ministry said it had received a "specific license" from the US Treasury Department allowing the South Korean government to pay compensation to Iran's Dayyani Group.
"The license allows using the US financial system to pay compensation to the Iranian private investor," the ministry said in a statement.
In 2018, the International Centre for Settlement of Investment Disputes ordered Seoul to pay 73 billion won ($61 million) to the Dayyani Group over a failed takeover of Daewoo Electronics in 2010.
The license will serve as an "important foundation" for settling the dispute with the Iranian investor, the ministry added, expressing hope that "it will help improve bilateral relations".
The announcement comes more than a week after South Korea sent top diplomats to Vienna for talks with US negotiators working to revive the 2015 Iran nuclear deal.
The Islamic republic was South Korea's third-largest middle Eastern trade partner before the United States 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.
Last year, Iran threatened South Korea with legal action unless Seoul released the more than $7 billion in frozen funds for oil shipments.
On the sidelines of the nuclear talks last week, South Korea said that it was looking for ways to resolve the issue of frozen Iranian assets in Korea.
France, Germany and the UK are participating in the talks about the 2015 deal, along with Russia and China, while the United States is indirectly involved.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From World
-
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
17 minutes ago -
Two Kyiv hospitals evacuating over feared Russian strikes
37 minutes ago -
World must act on neurotech revolution, say experts
37 minutes ago -
Charles & Catherine's cancer diagnoses
52 minutes ago -
King Charles to resume some public duties during cancer treatment: palace
42 minutes ago -
US defense chief announces $6 bn in security aid for Ukraine
42 minutes ago
-
Woman stabbed in Israel, attacker killed: police
50 minutes ago -
Israeli-fired unexploded bombs could take 14 years to clear: UN
42 minutes ago -
US announces $6 bn in security aid for Ukraine
37 minutes ago -
Pakistan’s National Day Reception held in Colombo
37 minutes ago -
Erdogan's White House talks with Biden on May 9 postponed: Turkish official
36 minutes ago -
Spanish PM keeps country guessing on his future
36 minutes ago