<span style="color: #222222;">The head of the Iran-South Korea chamber of commerce, Hossein Tanhayi said in Tehran that a mechanism has been devised for returning oil export revenues from South Korea. </span><br />'' <br />'' <span style="color: #222222;">As per the mechanism, Iran's oil export revenue will be bartered with imported goods. Tanhayi did not give details of the mechanism, but said a joint fund could be opened between their respective central banks.</span><br />'' <br />'' <span style="color: #222222;">South Korea is Iran's third largest trade partner after China and the United Arab Emirates.</span><br />'' <br />'' <span style="color: #222222;">South Korea – a close political ally of the United States – has cut Iranian oil purchases to zero from an estimated 285,000 barrels per day in the first six months of the year.</span>