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Iran warns of possible embargo on S. Korean imports

All Headlines 07:59 June 27, 2012

SEOUL, June 27 (Yonhap) -- Iran may halt all South Korean imports in protest against Seoul's decision to ban Iranian oil following European Union sanctions against the Middle East nation, Iran's top envoy here warned Wednesday.

Iranian Ambassador Ahmad Masumifar said in an interview with Yonhap News Agency that his country "may decide to fully stop importing Korean goods" if Seoul imposes the import ban on Iranian oil.

He also said that Seoul's measure will provide "serious obstacles" to South Korean businesses' exports to his country.

The warning comes after South Korea decided to halt oil imports from Iran as the European Union's sanctions on insurance for Iranian oil shipments are set to take effect from July 1. Currently, European firms cover 100 percent of protection and indemnity insurance on all Iranian oil shipments to South Korea.

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