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EghtesadOnline: South Korea's finance minister said on Thursday his country will start trading with Iran using the euro on Aug. 29.

"It will be implemented from next Monday," Yoo Il-ho told reporters in Seoul, referring to a decision which will allow trade between the two nations to be settled in the euro.

The move "will greatly resolve obstacles that stood in the way of facilitating investment and trading with Iran," Yoo said, and added that KEB Hana Bank, Shinhan Bank and Woori Bank have been selected as settlement banks.

Up till now, South Korea's purchases of Iranian oil and payments for construction projects in Iran have been settled in the won, restricting business activities even after the lifting of Western sanctions against the Middle Eastern country, according to ILNA.

EURO Iran-S. Korea trade Yoo Il-ho