Seoul impose sanctions on Iran

South Korea said it has imposed new sanctions on Iranian institutions and individuals, and will prevent many of the financial dealings with Iran as part of the US-led campaign to toughen UN sanctions over its nuclear program.
  The spokesman said Foreign Ministry spokesman Kim Yong Sun, that the sanctions against 102 institutions, and 24 people in a black list, saying they are accused of facilitating the efforts of Iran to acquire nuclear weapons.
  Kim added that the measures would ban foreign exchange transactions except with special permission, and it will also stop existing banking relationships and preventing the opening of new branches or representative offices in South Korea. 

The government statement said that South Korea will also severely punish the Iranian branch bored in Seoul - which is one of the 15 banks target of Iran - for violating the laws of foreign exchange transactions.
The statement added that the bank branch in Seoul bored easy transactions with hundreds of millions of dollars for the benefit of the parties to the development of missile and nuclear program of Iran, without giving details.

Trading partner Seoul said it would ban new investments and contracts that can be the development of Iranian oil and gas industry, and called for South Korean firms to exercise restraint and caution in the implementation of existing contracts. " Iran is the third largest trading partner for South Korea in the Middle East, where the volume of trade between the two countries nearly ten billion dollars last year " Seoul has been wary of taking action against Iran, in an attempt to achieve a balance between the interests of diplomacy with its main ally the United States, and its economic interests with Iran.
  Iran is the third largest trading partner for South Korea in the Middle East, where the volume of trade between the two countries, nearly ten billion dollars last year, It is the fourth largest supplier of crude oil, accounting for 9.8% of its oil imports.
  The United Nations agreed to a fourth round of sanctions on Iran in early June, as the United States imposed independently of other sanctions, and urged other nations to follow suit.
  He joined the European Union, Australia, Canada and Japan and South Korea to the international campaign against Iran.