South Korea has failed to pay $3.82 billion for Iranian oil due to
economic sanctions against the Islamic republic. The sum may reach $5
billion by the end of 2011, Iran News reports.
The sanctions complicate oil purchases and payments.
China plans to switch to a barter arrangement with Iran, while India
is searching for an alternative way to pay.
The National Iranian Oil Company informed New Dehli on July 1 that oil
supplies would stop in August unless both sides find a way to pay for
it. India started paying last week, after seven months of freezing
payments.
China and India purchase a third of Iran's oil. Chinese oil imports
from Iran have increased 49% in the last years. South Korea is the
world's fifth largest oil importer, purchasing 9% of Iran's oil.
