6 October, 2015 AsiaNews.it Twitter AsiaNews.it Facebook            

Help AsiaNews | About us | P.I.M.E. | | RssNewsletter | Mobile

mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato

e-mail this to a friend printable version

» 06/26/2012
U.S. and EU sanctions force Seoul to cut imports of Iranian crude
The two major South Korean companies are not capable of insuring transport. From July 1 companies, mostly European, will no longer insure vessels carrying the ayatollahs’ oil. Seoul is the first major Asian economy to stop imports.

Seoul (AsiaNews / Agencies) - South Korea will be forced to suspend all imports of Iranian oil from July 1 next. The two main importers of crude oil, SK Energy and Hyundai Oil Bank are not able to take out insurance policies on transport, as a result of sanctions imposed by the United States and the European Union on Tehran. Among these there is also, as of next month, a ban on insuring cargo vessels carrying crude oil extracted from Tehran. Oil is the main economic resource for Iran, Europe and the U.S. have repeatedly tried to use the crowbar of sanctions on exports, to convince the ayatollahs government to abandon its nuclear program opposed by Israel and the Western bloc.

Seoul is the first major Asian economy to halt imports of Iranian oil. Only a few days ago, however, China increased imports by 35%, up to 524 thousand barrels per day (see AsiaNews 22/06/2012 Beijing taking advantage of Iran sanctions to boost Iranian oil imports). In a joint statement the South Korean ministries of Economy, Finance and Foreign Affairs stressed that the government "will continue to strive to minimize the effects" of the block on the domestic industry and the economy, while safeguarding "export to Iran "- down in the last period - even if "oil imports will be suspended. "

Oil tankers take on insurance contracts to protect themselves in case of accidents, assaults, and damage to the environment. However, most companies are in Europe and this makes it difficult to sign a contract. Even the major insurance companies, in fact, from July 1 will observe the embargo against Tehran. Recently, many Asian nations have called on the Iranian government to take action to circumvent the block. India has demanded full autonomy for Iran in the transport and insurance contracts; Beijing is calling for the same, while Japan says it will provide "sovereign guarantees" to protect the product.

Economic sanctions, decided some time by Washington and Brussels, were launched after the failure of nuclear talks between Tehran and the 5 +1 (the members representatives of the UN Security Council - the United States, Russia, China, Britain and France, plus Germany) which ended last June 19 in Moscow (Russia). Another meeting is planned in Istanbul (Turkey) on 3 July.

For months, the U.S. has been putting pressure on China, the leading importer of Iranian oil, and other Asian nations to push for a significant cut in oil contracts. And this is to force Iran to stop its uranium enrichment program and abandon the feared development of atomic weapons. On June 12, Washington exempted India and six other countries from possible economic sanctions, although not "significantly" reducing their oil imports from Iran.


e-mail this to a friend printable version

See also
10/06/2009 KOREA - CHINA
Pyongyang resume talks on nuclear energy. But with some conditions
08/25/2008 CHINA - SOUTH KOREA
North Korean nuclear program, Gobi sands on Hu Jintao's agenda in Seoul
Pyongyang nuclear six-party talks set for next week in Beijing
11/29/2007 KOREA - USA
US negotiator will head to Pyongyang, ready to dismantle nuclear power
10/13/2009 KOREA
New talks between Seoul and Pyongyang, while the North tests more missiles

Editor's choices
Pope: In “extremely difficult social and marital context”, Church called to carry out mission in fidelity, truth and charity.The opening Mass of the Synod on "The vocation and mission of the family in the Church and in the contemporary world," Pope Francis speaks of the paradoxes of global society: "power" accompanied by loneliness and helplessness." Today's man "ridicules" the family and love, but thirsts for it. The Church bears witness to indissoluble love, but must not forget to care and sustain "the man who falls or who errs." "A Church with closed doors betrays itself and its mission, and instead of being a bridge it becomes a barrier."
Singapore, Japan and Hong Kong in the top ten of the world economyWorld Economic Forum on competitiveness ranking published. Top three unchanged since last year: Switzerland, Singapore and the United States. Japan sixth, followed by Hong Kong. The world economy is slowing down compared to the previous decade, only exception- addition to China - India, which gains 16 positions.
Pope in the US: “We Christians, the Lord’s disciples, ask the families of the world to help us”In the last Mass of the World Meeting of Families in Philadelphia, Francis Pope highlights the daily "little gestures" that define the family, which is “the right place for faith to become life, and life to become faith". Gratitude, respect, and collaboration with families in which the Spirit operates can be found in every “family, people, region, or religion”.


Copyright © 2003 AsiaNews C.F. 00889190153 All rights reserved. Content on this site is made available for personal, non-commercial use only. You may not reproduce, republish, sell or otherwise distribute the content or any modified or altered versions of it without the express written permission of the editor. Photos on AsiaNews.it are largely taken from the internet and thus considered to be in the public domain. Anyone contrary to their publication need only contact the editorial office which will immediately proceed to remove the photos.