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South Korea to halt Iran oil imports as EU ban bites

South Korea became the first major Asian consumer to announce a halt to Iran South Korea became the first major Asian consumer of Iranian crude to announce a halt to imports after the government said they would be suspended from July 1 due to a European Union ban on insuring tankers carrying Iranian oil.The insurance ban makes it almost impossible to ship Iranian oil as most insurance is undertaken by EU-based companies and the move comes as part of a series of measures designed to put pressure on Iran to halt what the United States and others say is a nuclear weapons program.South Korea depends on the United States for security, but it has no natural resources and has been scrambling for alternative crude supplies to replace those from a country that supplied 9.4 percent of its needs in 2011.The world's fourth largest buyer of Iranian crude said it has no plan to provide state guarantee like Japan to continue its imports. Another two major Asian buyers, China and India, will allow Iran to deliver the crude from July."South Korea's imports of Iranian oil will be suspended, as the EU will suspend crude imports from Iran and also halt its ...

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US exempts India, South Korea, Turkey and four other countries from Iran oil sanctions

Initially for a 180 day period On 11 June 2012 it was announced by the US Department of State that India, Malaysia, South Korea, South Africa, Sri Lanka, Turkey and Taiwan have been exempted for a period of 180 days from the provisions of section 1245(d)(1) of the National Defence Authorization Act of 2012 ("NDAA"). The 180 day exemption is renewable upon review. These seven countries are not exempted from any other US sanctions against Iran, other than those in Sec. 1245(d)(1) of the NDAA for 2012.Section 1245 of the NDAA provides:1. For the blocking of all assets found within US jurisdiction belonging to any Iranian financial institution.2. All private financial institutions (US or foreign) that knowingly conduct or facilitate any significant transactions with the Central Bank of Iran, or with any Iranian financial institution which has been designated by the US, are subject to being sanctioned by the U.S. The sanction provided for in the NDAA is that the foreign financial institution will be prohibited from opening or maintaining correspondent accounts with US financial institutions. In other words, they will be shut out of the U.S. financial system.3. Transactions involving the sale of food, medicine or medical devices to ...

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