South Korea works to slash Iran oil imports
Source: Agencies |
April 1, 2012, Sunday
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Print Edition
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SOUTH Korean officials said yesterday that they will continue working with the United States to reduce oil imports from Iran after US President Barack Obama gave the green light for potential sanctions against countries that continue to buy Iranian oil.
South Korea is one of several major importers of Iranian oil that have not received exemptions from the US sanctions.
Obama announced on Friday that he is plowing ahead with the potential sanctions, which could affect US allies in Asia and Europe, as part of a deepening campaign to starve Iran of money for its disputed nuclear program.
The sanctions aim to further isolate Iran's central bank, which processes nearly all of the Iran's oil purchases, from the global economy. Obama's move clears the way for the US to penalize foreign financial institutions that do oil business with Iran by barring them from having a US-based affiliate or doing business here.
Obama's goal is to tighten the pressure on Iran, not allies, and already the administration exempted 10 European Union countries and Japan from the threat of sanctions because they cut their oil purchases from Iran. Other nations have about three months to significantly reduce such imports before sanctions would kick in.
Foreign Ministry officials in South Korea said yesterday that they expect to reach an agreement with Washington by late June on reducing oil imports from Iran. South Korea has already restricted financial dealings with more than 200 groups and individuals with suspected links to Iran's nuclear program. Seoul relies on Iran for up to 10 percent of its oil.
Energy-starved India, which relies on Iranian oil for 12 percent for its power needs, has said that while it would accept United Nations sanctions against Iran, it does not heed unilateral sanctions such as those imposed by the US and the European Union.
Nevertheless, New Delhi has not remained completely immune to sanction pressures and is slowly easing its dependence on Iranian oil, with a slow decline in Iranian oil imports. The Western sanctions also have made it harder for Indian companies to pay for Iranian oil, with international banks unwilling to handle transactions from Tehran.
The US sanctions are set to take effect on June 28. A European oil embargo, approved in January, starts in July.
Put together, Obama administration officials contend Iran is about to face its most severe economic pressure ever. The US imports no oil from Iran.
US officials hope ratcheting up economic pressure will both push Iran to abandon its nuclear program.
South Korea is one of several major importers of Iranian oil that have not received exemptions from the US sanctions.
Obama announced on Friday that he is plowing ahead with the potential sanctions, which could affect US allies in Asia and Europe, as part of a deepening campaign to starve Iran of money for its disputed nuclear program.
The sanctions aim to further isolate Iran's central bank, which processes nearly all of the Iran's oil purchases, from the global economy. Obama's move clears the way for the US to penalize foreign financial institutions that do oil business with Iran by barring them from having a US-based affiliate or doing business here.
Obama's goal is to tighten the pressure on Iran, not allies, and already the administration exempted 10 European Union countries and Japan from the threat of sanctions because they cut their oil purchases from Iran. Other nations have about three months to significantly reduce such imports before sanctions would kick in.
Foreign Ministry officials in South Korea said yesterday that they expect to reach an agreement with Washington by late June on reducing oil imports from Iran. South Korea has already restricted financial dealings with more than 200 groups and individuals with suspected links to Iran's nuclear program. Seoul relies on Iran for up to 10 percent of its oil.
Energy-starved India, which relies on Iranian oil for 12 percent for its power needs, has said that while it would accept United Nations sanctions against Iran, it does not heed unilateral sanctions such as those imposed by the US and the European Union.
Nevertheless, New Delhi has not remained completely immune to sanction pressures and is slowly easing its dependence on Iranian oil, with a slow decline in Iranian oil imports. The Western sanctions also have made it harder for Indian companies to pay for Iranian oil, with international banks unwilling to handle transactions from Tehran.
The US sanctions are set to take effect on June 28. A European oil embargo, approved in January, starts in July.
Put together, Obama administration officials contend Iran is about to face its most severe economic pressure ever. The US imports no oil from Iran.
US officials hope ratcheting up economic pressure will both push Iran to abandon its nuclear program.
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