China's Bank of Kunlun to resume financial transactions with Iran soon

29 November 2018 10:36 (UTC+04:00)

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China's Bank of Kunlun will resume financial transactions with Iran on December 3, IRNA cited Asadulla Asgar Ovladi, chairman of the Iran-China Chamber of Commerce, as saying.

He added that the financial transactions between China’s bank and Iran were suspended for a month.

Ovladi said that Bank of Kunlun stopped to render services to Iran because Iran stopped to sell oil to China last month.

He added that a decision was made to transfer money obtained as a result of sale of oil by Iran to China via Bank of Kunlun. Thus, there is an opportunity for Iran's businessmen to buy and sell products.

After Bank of Kunlun resumes activity with Iran, imports and exports between the two countries will continue at a high level, Ovladi said.

Strengthening of production and increasing of export volume, given the US sanctions against Iran, is the two main ways to avoid sanctions.

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