Chinese Bank “Kunlun” starts operation in Iran

Vice Chairman of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Pedram Soltani revealed the start of activity of China’s Bank of Kunlun in the Islamic Republic of Iran.

In his twitter account, he wrote, “China’s Bank of Kunlun has announced that it will continue its banking transactions with the Islamic Republic of Iran by the end of the current year in 2019 only using Chinese unit of currency ‘yuan’ and with full observation of US sanctions with regard to the goods, real and legal entities, transport companies and bank”.

China’s Bank of Kunlun is the only Chinese bank that cooperates with the Islamic Republic of Iran, he added.

In mid-April, the director of Bank of Kunlun had announced that the bank would continue cooperation with Iran, IFP reported.

The Chinese bank announced that it would continue cooperation with non-sanctioned Iranian banks for transactions and also payments related to non-sanctioned goods.