Seoul: Iranian renunciation shows the strength of the alliance with the US

Seoul: Iranian renunciation shows the strength of the alliance with the US

TEHRAN, Iran – The spokesman for the South Korean president says the US has demonstrated the strength of the Alliance of both countries by allowing South Korea to continue to import Iranian crude oil products under sanctions against Iran.

Kim Eui-kyeom spoke to reporters on Tuesday after South Korea was named as one of eight countries receiving exemptions from the United States to continue importing Iranian crude oil and other petroleum products without penalty.

South Korean Trade Minister Kim Hyun-chong says the waiver will open the Korean oil refining industry and companies exporting to Iran.

South Korea says it could continue to export un-sanctioned products to Iran after the United States agreed to recognize a transaction system whereby local companies receive payments through two Korean Won accounts opened by the Iranian central bank in South Korea.

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