S. Korea Bans All Iranian Oil Imports From July

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Iranian crude oil supertanker "Delvar"
Iranian crude oil supertanker "Delvar"

South Korea announced Tuesday it will stop all Iranian oil imports starting in July, the first Asian nation to do so under the strict international sanctions regime.

The world's fourth-largest importer of Iranian crude added it would seek supplies from elsewhere, rather than follow the example of Japan and offer sovereign insurance guarantees for tankers shipping Iranian crude.

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