Iran, China Resume Banking Transactions

According to Mohammad Reza Hariri, the hurdles in banking transactions between the two countries were cleared last week and financial transactions would resume on Monday through China’s Bank of Kunlun, the key Chinese conduit for transactions with Iranian banks.

Iran’s monthly imports from China stands at around $1 billion, the official noted, saying the disruption to bilateral trade over the past two months -caused by the US sanctions against Iran that took effect on November 4- has resulted in the accumulation of remittances which amount to $2 billion.

There would be a heavy load of banking transactions during the first days of resumption of banking ties, Hariri said, adding that the process of transactions will turn to normal after a week or so.

The official expressed hope that other Chinese banks would also join the process of financial interaction with Iran.

In November, reports suggested that China would restart loading Iranian crude after it halted purchases in October.

The Chinese government had previously ordered at least two state-owned companies to avoid buying Iranian oil in the lead-up to the November 4 sanctions review deadline.

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