South Korea has announced it has banned its citizens from travelling to Iran as the conflict in the Middle East continues.
The Ministry of Foreign Affairs confirmed the travel ban (Travel Alert Level 4) for Iran started at 6pm (0900 GMT) on Thursday due to heightened safety risk from the war.
A spokesperson for the Ministry of Foreign Affairs stated: “We urge our nationals planning to travel to the region to cancel their trips, and those currently staying in the region to evacuate.”
Local media reports that Iran had been under a Level 3 Travel Alert recommending against all travel across the entire country since June last year.
According to the South Korean government, the entire country is designated as a travel ban area. Those who visit or stay in Iran without obtaining exceptional passport usage permission may face penalties in accordance with the relevant provisions of the Passport Act.
The news comes as South Korea’s KOSPI gauge recovered its steep losses in the prior session following a rally on Wall Street on hopes the United States and Iran will seek an off-ramp from hostilities. Oil and gold traded higher.
Korean citizens have been stranded at major Middle Eastern airports after the ongoing conflict sparked airspace closures and widespread flight cancellations across the region.
Governments across the world have scrambled to arrange flights out of the Middle East for tens of thousands of citizens stranded by the intensifying US and Israeli conflict that closed most of the region’s airspace due to the risk of missiles hitting planes.
Shares in Hong Kong’s Cathay Pacific Airways closed up 2.2 per cent, Qantas Airways rose 1 per cent and Korean Air Lines jumped 5.6 per cent. Japan Airlines closed down 1 per cent, paring the week’s losses.
Major Chinese carriers such as Air China, China Eastern Airlines, and China Southern Airlines fell between 1 per cent and 4 per cent in both Hong Kong and Shanghai as they stabilised.
“Asian airlines are highly sensitive to Iran’s situation due to exposure through routes and energy in both revenue and costs. Any news on shortening the duration of the war can easily turn sentiment,” said Gary Ng, a senior economist at Natixis.
