S Korea imposes sanctions on Iran
Under extensive US pressure, South Korea says it will take unilateral measures against Iranian banks and individuals carrying out foreign exchange transactions.
On Wednesday, Foreign Ministry Spokesman Kim Young-Sun claimed that the Seoul branch of Bank Mellat has facilitated hundreds of millions of dollars in transactions for Iran’s defense programs.
“The government will restrict foreign exchange transactions of 102 institutions… including Bank Mellat, and 24 individuals… without the approval of the Bank of Korea,” Reuters quoted a government statement as saying.
Under the sanctions, all financial institutions will have to report to authorities or gain prior permission should they want to engage in financial transactions with Iran.
After the UN Security Council issued a resolution imposing a fourth round of sanctions on Iran in June, the United States and the European Union imposed their own unilateral sanctions.
The US then pressured its allies like Japan, Canada, and Australia to impose similar unilateral sanctions on the Islamic Republic, targeting investments in energy-related industries.
The US, Israel, and their European allies claim that Iran — a signatory to the Nuclear Non-Proliferation Treaty — is pursuing a covert military nuclear program through its enrichment activities.
Iranian officials, however, reject the charges, stressing that they have fully cooperated with the International Atomic Energy Agency in demonstrating that the country is solely seeking nuclear energy for civilian electricity generation and medical research.
