Economics

Iran & South Korea to begin trade in euros

Iran and South Korea are to start trading in euros, legally circumventing US sanctions on dollar transactions with Tehran, a senior official announced Friday.

26.08.2016

(AFP) Iran and South Korea are to start trading in euros, legally circumventing US sanctions on dollar transactions with Tehran, a senior official announced Friday.

After months of talks with Washington, at the urging of Iran, Seoul will "with US approval... convert South Korean won to euros without any direct intervention of dollars", Deputy Foreign Minister Hamid Baedinejad said on his Instagram page.