AVN 65.80 Decreased By ▼ -0.37 (-0.56%)
BAFL 30.07 Decreased By ▼ -0.18 (-0.6%)
BOP 4.66 Decreased By ▼ -0.07 (-1.48%)
CNERGY 3.91 Decreased By ▼ -0.10 (-2.49%)
DFML 13.85 Decreased By ▼ -0.25 (-1.77%)
DGKC 42.70 Decreased By ▼ -0.99 (-2.27%)
EPCL 46.00 Increased By ▲ 1.35 (3.02%)
FCCL 11.60 Decreased By ▼ -0.23 (-1.94%)
FFL 5.36 Increased By ▲ 0.39 (7.85%)
FLYNG 5.95 Decreased By ▼ -0.15 (-2.46%)
GGL 10.18 Decreased By ▼ -0.20 (-1.93%)
HUBC 63.65 Increased By ▲ 1.35 (2.17%)
HUMNL 5.81 Decreased By ▼ -0.04 (-0.68%)
KAPCO 27.72 Increased By ▲ 0.17 (0.62%)
KEL 2.20 Decreased By ▼ -0.01 (-0.45%)
LOTCHEM 26.48 Decreased By ▼ -0.12 (-0.45%)
MLCF 21.94 Decreased By ▼ -0.58 (-2.58%)
NETSOL 85.40 Decreased By ▼ -0.80 (-0.93%)
OGDC 85.55 Decreased By ▼ -0.72 (-0.83%)
PAEL 11.03 Decreased By ▼ -0.24 (-2.13%)
PIBTL 4.32 Increased By ▲ 0.04 (0.93%)
PPL 78.80 Decreased By ▼ -1.28 (-1.6%)
PRL 13.80 Increased By ▲ 0.14 (1.02%)
SILK 0.90 No Change ▼ 0.00 (0%)
SNGP 41.20 Decreased By ▼ -0.55 (-1.32%)
TELE 6.07 Decreased By ▼ -0.14 (-2.25%)
TPLP 16.06 Decreased By ▼ -0.21 (-1.29%)
TRG 111.00 Decreased By ▼ -1.55 (-1.38%)
UNITY 14.20 Decreased By ▼ -0.15 (-1.05%)
WTL 1.17 Decreased By ▼ -0.03 (-2.5%)
BR100 4,058 Decreased By -16.2 (-0.4%)
BR30 14,470 Decreased By -55 (-0.38%)
KSE100 40,721 Decreased By -125.2 (-0.31%)
KSE30 15,183 Decreased By -28.5 (-0.19%)
Follow us

SEOUL: South Korea has used $18 million of frozen Iranian assets to pay Tehran's dues to the UN, Seoul said Sunday, in a move to immediately restore the country's voting power.

The payment was made Friday in cooperation with the US and the UN after Iran made an "emergency request" to South Korea to pay the dues, the finance ministry said in a statement Sunday.

Iran has more than $7 billion in funds for oil shipments frozen at two South Korean banks due to US sanctions.

"Iran's voting right at the UN General Assembly is expected to be immediately restored with the payment," the ministry added.

The Islamic republic was South Korea's third-largest Middle Eastern trade partner before the United States unilaterally withdrew from a 2015 nuclear deal between Tehran and world powers and reimposed crippling sanctions.

Iran, Russia, China start war games to counter ‘maritime piracy’

The UN cited unpaid dues when it suspended Iran's voting rights at the General Assembly earlier this month.

Under the UN charter, a member country's right to vote is suspended when its arrears equal or exceed the dues it should have paid over the preceding two years.

Iran also lost its vote over unpaid dues last year. It said it could not pay even the minimum amount because of US economic sanctions.

After months of negotiations Iran was granted an exemption -- it was allowed to access money blocked by the US Treasury -- and got back its vote in June in time for the election of new members of the Security Council.

Comments

Comments are closed.

South Korea pays Iran's UN dues with frozen assets

PM Shehbaz hopeful of IMF programme revival

Islamabad court sends Fawad Chaudhry to Adiala jail on 14-day judicial remand

Signing of deal in March: Refineries to get Russian oil by April-end

To be presented in first week of June: FY24 budget call circular issued to ministries, divisions

Premature termination of PPA of Hubco power plant recommended

Govt may exempt solar equipment from all taxes

India’s Adani kicks off $2.45bn share sale while under short-seller attack

India expects more clashes with Chinese troops in Himalayas

Power surge crashes grid, plunging millions into darkness

ECC approves revised conditions for sugar export