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Iran retaliated once against Korean firms: official

Jan. 24, 2012 - 15:50 By Korea Herald
The Iranian government attempted to retaliate against Korea in connection with the U.S.-led sanctions of oil imports by demanding that Korean firms tear down their outdoor advertising billboards in Tehran earlier this month, news reports said.

The Iranian government ordered Korean firms including Samsung Electronics and LG Electronics to demolish their outdoor ads, but withdrew its demand following protests from the Korean Embassy in Tehran, a government official was quoted by the Yonhap news agency as saying.

Some outdoor advertisements were torn down in a few parts of Tehran, however, they were all back in place by Jan. 8, the official said.

The Iranian government appears to have taken the retaliatory step as Seoul expressed its support for U.S.-led sanctions against the Middle Eastern country.

The government is currently weighing options to reduce its reliance on Iranian oil in step with the U.S. and the European Union.

Senior U.S. officials visited Seoul last week to press the government to cut its Iranian oil imports.

Iran is the top market for Korean goods in the Middle East and the trade activities between Korea and Iran hit a record of $18.5 billion last year, up 60 percent from the previous year.

Exports were up 56 percent last year compared to 2010 and imports also increased 63 percent during the same period.

By Cho Ji-hyun (sharon@heraldcorp.com)