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Talks Beginning With S Korea To Resume Oil Trade

IRAN

South Korea’s Foreign Ministry has announced that South Korea and Iran have begun working-level talks on restarting imports of Iranian crude oil.

  • The talks will also include discussion of unfreezing Iranian funds held in South Korea. Tehran demands the release of USD$7 billion 'held hostage' in Korean banks.
  • South Korea is the world’s fifth-largest crude buyer and was one of the primary destinations for Iranian crude before sanctions were put in place.
  • Korean Foreign Ministry: 'Our side expressed hope for the resolution of issues related to sanctions such as the transfer of frozen funds upon the agreement on the restoration of the Joint Comprehensive Plan of Action (JCPOA) now underway in Vienna.'

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