Seoul and Tehran agreed to continue to use the South Korean won for bilateral trade while also seeking an alternative method of payments, local media reported on Tuesday.

MOSCOW (Sputnik) – Yonhap news agency reported, citing government officials, that Iran and South Korea had discussed the introduction of other currencies, such as the euro, the Chinese yuan and the Japanese yen for bilateral payments.

Iran is attempting to re-establish international ties, bring in foreign companies and attract foreign investments after the much anticipated lifting of sanctions against it. Tehran agreed to ensure the peaceful nature of its nuclear program on July 14, 2015, in exchange for the removal of the sanctions imposed against the country by the UN Security Council, the United States and Europe.

South Korea aims to restore economic ties with Iran, which possesses large reserves of oil and gas.

By Sputnik News