South Korean Government has been subject to bitter criticism by Iran for refusal to reimburse billions of dollars of its arrears to Iran and Iran says that it take legal action against Seoul Government through respective international bodies.
Over 50 years of trade and economic relations between Iran and South Korea has been put at risk by the maximum pressure from the White House.
Sanctions imposed by the US president on Tehran caused Seoul to ignore warm relations with Iran and stop imports of oil from the country. South Korea even abandoned Iran’s big market for its cars and electronics.
South Korea’s arrears to Iran has now turned into a challenge between the two countries. Iran’s frozen assets by South Korea is estimated to amount to six to nine billion dollars.
As South Korean officials have failed to fulfill their promises to remove the banking problems and the obstacles on the way of South Korean exporters and Iranian importers, Iran has decided to take more serious measures over the past few weeks.
Iranian President Hassan Rouhani has said that Iran expect Seoul to immediately lift the restrictions and unfreeze the assets Iran needs to provide fundamental commodities, medicine and other humanitarian supplies.
The Iranian officials first tried to solve the issue through diplomatic means. However, as its next step, Iran seems to take legal action with the international bodies including the International Court of Justice.
Iran needs the money Seoul Government owes to Iran to buy food and emergency supplies at a time when the international community is suffering from deadly coronavirus pandemic.