Iran hails oil-for-goods deal with South Korea

پرچم ایران و کره جنوبی

Tehran (ISNA) - Iran said Saturday it had finalized a deal with South Korea to trade oil for goods, skirting renewed US sanctions.

"A mechanism has been devised for returning oil export revenues from South Korea, by which Iran's oil export revenue will be bartered with imported goods," Hossein Tanhayi, head of the Iran-South Korea chamber of commerce, told state news agency IRNA.

Washington unilaterally reimposed a crippling oil embargo on Iran last month following its withdrawal in May from a landmark 2015 nuclear deal.

Tanhayi did not give details of the mechanism, but said a "joint fund" could be opened between their respective central banks.

South Korea is Iran's third largest trade partner after China and the United Arab Emirates, AFP reported.

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