South Korea halted import of Iranian oil

South Korea became the first major Asian consumer of Iranian crude to announce a halt to imports after the government said they would be suspended from July 1 due to a European Union ban on insuring tankers carrying Iranian oil, the Chicago Tribune said.

A meeting of EU ministers ended Monday with no indication that South Korea would be exempted from the sanctions as it requested, the ministry said.

From the start of next month European firms will be banned from insuring or reinsuring tankers transporting Iranian oil anywhere in the world. South Korea relies entirely on European companies for such insurance, the AFP reported.

South Korea generally relies on Iran for about 10% of its crude oil requirements. That fell to 7.5% in the January-May period of this year as Seoul reduced imports in order to gain an exemption from U.S. sanctions against Iran aimed at choking Tehran's oil export revenue, the Wall Street Journal says.

26.06.2012, 11:28

In case you have found a mistake in the text, please send a message to the editor by selecting the mistake and pressing Ctrl-Enter.
Share |


10:48 • 19/09, Scots spurn independence, vote to stay in the United Kingdom

10:30 • 19/09, Florida man kills his daughter and her six children

10:13 • 19/09, Ebola outbreak: Health team 'found dead' in Guinea

09:56 • 19/09, Ukraine crisis: Obama praises 'excellent' Poroshenko

09:37 • 19/09, Scottish vote turnout exceeds 80% in some areas

09:18 • 19/09, Obama: US to arm, train Syrian rebels to fight Islamic State

09:00 • 19/09, Roadside bombs kills 5 UN peacekeepers in Mali

22:01 • 18/09, Mher Hakobyan awarded posthumously ‘For Service in Battle’ Medal

20:43 • 18/09, Armenian human rights advocates apply to CE and UN over K. Petrosyan issue

20:14 • 18/09, Criminal case opened over Mher Hakobyan’s death from enemy bullet

19:46 • 18/09, S. Avetisyan: Republican Party of Armenia has no personnel problems

19:13 • 18/09, Armen Martirosyan: ARFD’s conduct aided authorities

18:55 • 18/09, Avetisyan: Opposition rallies have never posed a threat to HHK

18:37 • 18/09, Pakistan rescues thousands as floods hit south

18:05 • 18/09, Government to debate Pashinyan’s bill on border villages

17:31 • 18/09, Series of attacks kills at least 15 in Iraq

17:07 • 18/09, Number of billionaires worldwide rises again this year - report

16:37 • 18/09, Europeans drawn from three ancient 'tribes'

16:00 • 18/09, PM to deputy minister: Nobody cares about your opinion

15:40 • 18/09, Armenian president receives Catholicoses Karekin II and Aram I

15:27 • 18/09, Syrian children's deaths 'caused by vaccine mix-up'

14:53 • 18/09, Serzh Sargsyan congratulates Chilean President Michelle Bachelet

14:14 • 18/09, Leonid Slutsky: Armenia will join EEU on October 9

14:08 • 18/09, Soldier of NKR Defense Army dies from enemy bullet

13:43 • 18/09, Showers, thunderstorms possible on Thursday and Friday

13:03 • 18/09, Armenian president to pay official visit to Vatican

12:56 • 18/09, Haykakan Zhamanak: No replacement found yet for A. Gyulumyan in ECHR

12:17 • 18/09, Chorrord Ishkhanutyun: ARFD to get 2-3 ministerial portfolios

11:38 • 18/09, Zhamanak: OEK not invited to rally

11:04 • 18/09, Hraparak: Aghvan Hovsepyan promises high-paying job to godson

10:28 • 18/09, Ukraine crisis: President Poroshenko in key US visit

10:10 • 18/09, Kosovo introduces sanctions against Russia

09:53 • 18/09, Scottish independence: Voters answer referendum question

09:36 • 18/09, UN Security Council to hold meeting to investigate MH17 crash

09:18 • 18/09, Gunmen set off bombs, open fire at college in Nigeria; 13 die

09:00 • 18/09, Lawyers due in court in marathon bombing case