Economy, Business And Markets

S. Korea Pays $500m Oil Bill

S. Korea Pays $500m Oil Bill
S. Korea Pays $500m Oil Bill

South Korea has transferred $500 million to Iran to pay for crude oil imports under the interim nuclear deal that provides limited relief from sanctions, two sources with direct knowledge of the matter as saying, Reuters anoted on Wednesday.

The interim accord between Iran, the United States, China, France, Germany, Britain and Russia was extended on Monday for seven months, the report said, adding Tehran will be able to continue to access around $700 million per month in sanctions relief.

South Korea, China, India and Japan are the biggest buyers of Iranian crude. Including the latest payment, South Korea has paid $1.05 billion to Tehran so far this year, Reuters report stated.

Under the interim accord, Tehran will gain access to some frozen oil revenues abroad.

Iran and the six powers agreed in July to extend the six-month interim accord until November 24, in return Iran would receive $2.8 billion during the four-month extension of its funds held in foreign banks, in addition to the $4.2 billion paid during the January-July period.