Iran Threatens to Sue South Korea for Unpaid Oil Debts

  • Our Bureau
  • 06:49 AM, July 20, 2020
  • 1325
Iran Threatens to Sue South Korea for Unpaid Oil Debts
Daily transit volumes through world maritime oil chokepoints in million barrels per day in 2016 (image: U.S. Energy Information Administration).

South Korea may have to face a lawsuit if it fails to pay off billions of dollars of debt for oil imports.

Iranian Foreign Ministry spokesperson Seyyed Abbas Mousavi told local media on Sunday that Tehran may lodge a complaint against Seoul if it doesn’t settle the oil debts, estimated to be between $6.5 billion and $9 billion.

After pulling out of Iran nuclear deal, the United States imposed crippling sanctions on the Persian Gulf nation, to prevent its trade with other countries.

Mousavi denounced U.S. sanctions and called U.S.-South Korea connections as “master-servant” relationship. “The master-servant relationship between Washington and Seoul is an issue relating to them, but South Korea must be sincere in the bargain with Iran and honor its commitments,” Mousavi was quoted as saying by local media reports.

Last month, Hossein Tanhaee, the chairman of Iran and South Korea's joint chamber of commerce told Borna news agency, that Korean banks refused to release Iran's money and some of them demanded commission and maintenance fees for Iran's accounts.

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