Envoy: Iran to Ban Imports of Korean Products if Seoul Stops Buying Crude
News number: 9103083934 15:02 | 2012-06-27
http://english.farsnews.com/newstext.php?nn=9103083934

TEHRAN (FNA)- Iran warned South Korea of a possible embargo on its products
in case Seoul halts imports of Iranian crude oil in compliance with an EU
oil ban which will come into effect against Tehran in coming days.

Speaking to South Korean Yonhap News Agency, Tehran's Ambassador to South
Korea Ahmad Masoumifar said on Wednesday that Iran "may decide to fully stop
importing Korean goods" if Seoul imposes the import ban on Iranian oil.

Also in an interview with The Korea Times, Masoumifar said there is a high
demand for Iran's crude oil supplies and Tehran has no problem maintaining
exports.

The Iranian diplomat said US sanctions are "a dangerous idea" meant to
impose Washington's domestic law internationally.

The remarks by the Iranian diplomat came after South Korea said on Tuesday
that imports of Iranian crude oil would be halted from July 1 due to an EU
ban on insurance cover on tankers carrying Iranian crude.

"South Korea's imports of Iranian oil will be suspended, as the EU will
suspend crude imports from Iran and also halt its insurance and reinsurance
cover on the crude imports from July 1," a joint statement from the economy,
finance and foreign affairs ministries said.

"The government will continue to make efforts to minimize impacts on
domestic industry and the economy such as oil supply, and the country's
exports to Iran, although the imports of Iranian oil are suspended," the
statement said.