ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2024-04-17  |  UPDATED: 1402/11/15 - 18:13:1 FA | AR | PS | EN
Formation of the Federalist Assembly of Afghanistan             Israel launches missile attack on outskirts of Damascus, killing Syrian civilians             íUK national scandalí: 20,000 mental health patients íraped, sexually assaultedí in NHS care             Three US troops killed, dozens injured in drone attack in Syria             Trump says NATO will not come to rescue if US attacked             Ukraine beset by $40m fraud in arms procurement amid war with Russia            US approves sale of F-16 jets to Turkey after Ankara ratifies Swedenís NATO membership             UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza             Taliban: Afghanistan Does Not Have Formal Border With Pakistan             Gazaís major health facility collapses amid Israeli attacks: MSF             Americans to redeploy nuclear weapons in UK amid fears of WW3             Biden makes history: 1st sitting US president sued for complicity in genocide             Trump walks out of courtroom during closing arguments of Carrollís attorney            US: 3 dead in shooting at Texas apartment complex            US-UK aggression against Yemen risks expansion of war: Iran            


DATE PUBLISHED: 1399/02/02 - 17:07:1
VISIT: 944
SHARE WITH YOUR FRIENDS

South Korean bank submits to US fine over Iran transactions


This file photo shows Industrial Bank of Koreaís headquarters building in central Seoul.

South Koreaís Industrial Bank of Korea (IBK) says it has submitted to the US demand to pay $86 million in fine for processing Iranian transactions.

The compromise includes paying $51 million to US prosecutors and $35 million to the New York State Department of Financial Services, the lender said Tuesday.

South Koreaís Yonhap news agency cited Geoffrey S. Berman, the US attorney for the Southern District of New York, as saying that IBKís branch in New York had failed to detect and report $10 million in US dollar payments from South Korean entities to Iranian banks.

Authorities said IBK entered a two-year deferred prosecution agreement with the US Department of Justice and a nonprosecution agreement with New York Attorney General Letitia James.

South Korea was among Iranís major trade partners before falling in line with US guidelines after Washington withdrew from an international nuclear deal with Tehran in 2015 and imposed unilateral sanctions on the Islamic Republic.

Iran was South Koreaís third biggest export market in the Middle East and companies such as Samsung and LG Electronics were among popular brands for TV sets, air conditioners, telecommunications equipment and washing machines.

Samsungís sales also notably covered about half of Iranís lucrative android phone market, with almost 18 million Iranians having Samsung devices as of February 2018, according to a report published by Iranís largest app market Café Bazaar.

In February, Iranís Foreign Ministry warned that foreign companies leaving the country due to the US sanctions would not be able to return to the countryís market easily after Samsung and LG Electronics pulled down their last advertisement banners in Iran.

According to a statement by the Ministry of Trade, Industry and Energy in Seoul, Iran was once the sixth largest market in terms of orders won by South Korean builders before the 2011 sanctions.

Before the US sanctions, South Korea was the biggest client of Iranian condensate with 300,000 barrels per day (bpd) on top of 100,000 bpd of crude oil, but it stopped shipments two months before the sanctions kicked in.

South Korean companies have also mostly refused to fulfill Iranís orders for medicine and medical equipment which is supposedly not subject to the US sanctions.

According to Iranian companies, South Korean banks are refusing to process payments related to Iranís imports of pharmaceuticals for fear of falling foul of US sanctions.

Iranís Health Ministry said Saturday South Korea had rejected a SWIFT payment request by Tehran for purchase of coronavirus testing kits over the US sanctions.

Ministry spokesman Kianoush Jahanpour disclosed an international financial message recently sent by South Koreaís Woori Bank to Iranís Keshavarzi Bank, noting that it could not take over an import letter of credit for 5.3 billion won issued by the Iranian bank because of US sanctions.

As a result Iran was unable to import the kits because the Korean exporter could not receive payment after Woori Bankís refusal to take over the import letter of credit.

"This shows claims of medicine and medical equipment not being subject to sanctions are lies. The bank has officially stated that the purchase is not possible due to the sanctions," Jahanpour said.

The US government has intensified its sanctions on Iran despite international calls on Washington to suspend them to allow the Islamic Republic to secure necessary medicine and equipment in the midst of the coronavirus fight.

Washington claims the sanctions do not target medicine for Iran, but they make it all but impossible for importers to obtain letters of credit or conduct international transfers of funds through banks.

Last week, Iranís Permanent Mission to the United Nations in New York dismissed the Swiss Humanitarian Trade Arrangement (SHTA) which the Europeans belatedly announced with much fanfare to have made operational in coordination with the US to barter medicine and food with Iran.

The mission said the United States has forced SHTA to pursue a very tight and tough procedure, making it practically very difficult for companies to trade with Iran.

According to the mission, several companies that supply the medical equipment required to fight the coronavirus have recently stopped shipping to Iran because the current US sanctions regime makes the shipping of such items to Iran almost impossible.

The only message the US is sending with intensifying its sanctions amid the coronavirus is that companies must avoid doing any business with Iran, even if their work is humanitarian in nature, it said.

 

SOURCE: PRESS TV

 

LINK: https://www.ansarpress.com/english/16150


TAGS:






*
*

*



SEE ALSO

European support for Israel damaging energy security on the continent, report says


US needs to lift sanctions on Iranís oil for JCPOA to resume: UN chief


Shipping giants suspend journeys through Red Sea as Saudis voice concern


WFP launches emergency program to assist 600,000 Palestinians


US bans trade with 42 Chinese firms


Sanctions made Russiaís economy stronger: Putin


Germanyís economy headed for recession amid support for Ukraine


Saudi Arabia faces budget deficit after expectations of surplus


Billionaire investor Ray Dalio says Americaís growth is at risk of falling to zero


UK recession risk grows with cost-of-living crisis hitting businesses





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Federalism in Afghanistan: Opportunities and Challenges

Formation of the Federalist Assembly of Afghanistan

Israel launches missile attack on outskirts of Damascus, killing Syrian civilians

íUK national scandalí: 20,000 mental health patients íraped, sexually assaultedí in NHS care

Three US troops killed, dozens injured in drone attack in Syria

Trump says NATO will not come to rescue if US attacked

Ukraine beset by $40m fraud in arms procurement amid war with Russia

US approves sale of F-16 jets to Turkey after Ankara ratifies Swedenís NATO membership

UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza

Taliban: Afghanistan Does Not Have Formal Border With Pakistan

Gazaís major health facility collapses amid Israeli attacks: MSF

Americans to redeploy nuclear weapons in UK amid fears of WW3

Biden makes history: 1st sitting US president sued for complicity in genocide

Trump walks out of courtroom during closing arguments of Carrollís attorney

US: 3 dead in shooting at Texas apartment complex

US-UK aggression against Yemen risks expansion of war: Iran

Yemen directly hits US warship with ballistic missile

Hamas has self-reliantly opposed the three giant intelligence agencies of the world!

President Raeisi calls for UN reform, says body unable to end Gaza genocide

Pedram: The Abduction of Hazara and Tajik Women Recalls the Crimes of Abdur Rahman

Special envoys from G7 countries discuss Afghanistan in London meeting

Turkish lawmakers open debate over Swedenís NATO membership

UN agency says over half a million Palestinians face Ďcatastrophic hungerí in Gaza

Palestinian Islamic Jihad: Al-Maghazi operation proved defeat of Israeli regime in Gaza war

European support for Israel damaging energy security on the continent, report says

Pakistan Army Kills Seven ĎTerroristsí Near Afghan Border

Israel kills at least 190 people in Khan Younis in 24 hours

UNAMA report: 49 Hazara community members killed in Afghanistan in three months

Indiaís Modi inaugurates Hindu temple on site of razed mosque ahead of elections

US 2024 election: DeSantis drops out of Republican presidential race, backs Trump

Survivors of Russian charter flight crash transferred to Kabul

Iranís anti-terror strikes Ďclear messageí to certain recipients: Foreign Ministry

Ethnic mass killings in one Sudan city last year left up to 15,000 dead: UN report

Iran says reserves right to avenge Israelís assassination of IRGC advisors

Rocket barrage targets Ain al-Asad base housing US forces in western Iraq

Lebanese media: Israeli drone kills 2 Hamas members in southern Lebanon

Five IRGC advisors assassinated in Israeli aggression on Syria

Pakistan recalls ambassador from Tehran

Iraqi PM stresses to NATO chief ending of foreign troops

UN chief reiterates call for immediate ceasefire in Gaza


MEDICAL NEWS


ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š