Seoul to hand over oil payments to Iran under new sanctions deal
South Korea is set to become the second Asian nation to make a payment to Iran for crude oil imports under an interim nuclear deal that has provided limited sanctions relief, banking sources said Wednesday.
Under a Nov. 24 agreement with six major powers, Iran won access to $4.2 billion of its oil revenues frozen abroad by eight money-transfer schedules through July, if it carried out its part of the deal to curb its nuclear program.
Japan became the first of Iran's oil buyers to make a payment to Iran under the eased sanctions earlier this month.
An agreement between Iran and six world powers in November allows the OPEC member to keep exports at the current reduced levels of about 1 million barrels per day, and opens a door for lifting shipments later. Shipments to Tehran's biggest oil customers are expected to recover only slightly this year, even after a deal with the West eases some sanctions. (Reuters)