Code: 697586 A

A after nearly a one-month hiatus prompted by US sanctions, China is resuming its banking relations with Iran, President of Iran-China Chamber of Commerce and Industries said.

Asadollah Asgaroladi told the Financial Tribune that the resumption of banking ties would apply to merchants and Iranian expats and students who reside in China but not to tourists and visitors.

In addition to Bank of Kunlun, a second Chinese bank will also handle Iran payments which will be named later.

The main conduit would be Bank of Kunlun –a bank established in 2006 as a city commercial bank in Karamay.

 The bank was later chosen by Beijing as its main bank to process oil payments to Iran, shielding other banks from penalties under Western sanctions that ran between 2010 and 2015. The US Treasury sanctioned Kunlun in 2012 for conducting business with Iran.

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China banking ties
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