TEHRAN: Iran said Saturday it had finalized a deal with South Korea to trade oil for goods, skirting renewed US sanctions.
“A mechanism has been devised for returning oil export revenues from South Korea, by which Iran’s oil export revenue will be bartered with imported goods,” Hossein Tanhayi, head of the Iran-South Korea chamber of commerce, told state news agency IRNA.
Washington unilaterally reimposed a crippling oil embargo on Iran last month following its withdrawal in May from a landmark 2015 nuclear deal.
South Korea — a close political ally of the United States — has cut Iranian oil purchases to zero from an estimated 285,000 barrels per day in the first six months of the year, according to Bloomberg figures.
The sanctions also target Iran’s banking sector and its ability to bring dollars into the country, but leave open the possibility of trade in goods.
Tanhayi did not give details of the mechanism, but said a “joint fund” could be opened between their respective central banks.
South Korea is Iran’s third largest trade partner after China and the United Arab Emirates.
Bilateral trade has dropped from $12 billion in 2017 to $5.7 for the first 10 months of 2018, according to the chamber of commerce.
Iran hails oil-for-goods deal with South Korea
Iran hails oil-for-goods deal with South Korea
- South Korea has cut Iranian oil purchases to zero from an estimated 285,000 barrels per day in the first six months of the year
- South Korea is Iran’s third largest trade partner after China and the United Arab Emirates
Second firm ends DP World investments over CEO’s Epstein ties
- British International Investment ‘shocked’ by allegations surrounding Sultan Ahmed bin Sulayem
- Decision follows in footsteps of Canadian pension fund La Caisse
LONDON: A second financial firm has axed future investments in Dubai logistics giant DP World after emails surfaced revealing close ties between its CEO and Jeffrey Epstein, Bloomberg reported.
British International Investment, a $13.6 billion UK government-owned development finance institution, followed in the footsteps of La Caisse, a major Canadian pension fund.
“We are shocked by the allegations emerging in the Epstein files regarding (DP World CEO) Sultan Ahmed bin Sulayem,” a BII spokesman said in a statement.
“In light of the allegations, we will not be making any new investments with DP World until the required actions have been taken by the company.”
The move follows the release by the US Department of Justice of a trove of emails highlighting personal ties between the CEO and Epstein.
The pair discussed the details of useful contacts in business and finance, proposed deals and made explicit reference to sexual encounters, the email exchanges show.
In 2021, BII — formerly CDC Group — said it would invest with DP World in an African platform, with initial ports in Senegal, Egypt and Somaliland. It committed $320 million to the project, with $400 million to be invested over several years.
