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TRADE FINANCE | Cesar Tordesillas, Korea

Korean banks end financing for entrepot trade with Iran

South Korean trading firms have been barred from engaging in entrepot trade related to Iranian firms as local state-run banks suspended trade financing in a bid to join U.S.-led economic sanctions against Iran.

State-owned Woori Bank and the Industrial Bank of Korea (IBK) recently stopped providing related financing to local trading firms which were involved in intermediary trade linking Iranian firms and companies in China and other foreign nations.

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