Tehran, Iran, Dec. 22
Tend:
China's Kunlun Bank, which, according to Iranian officials, resumed banking relations with Iran last week, in a letter seen by Trend, describes the conditions for establishing these banking relations.
Kunlun Bank's notice on resuming humanitarian and non-sanctioned business:
"With the confirmation from related authorities, and considering the long term cooperation relationship with Iranian banks, to facilitate bilateral trade between China and Iran, as designated Chinese bank under SRE (Significant Reduction Exemption), we hereby inform your good bank that our bank is able to resume business cooperation with Iranian banks, which are not subject to secondary sanction by OFAC."
However, Kunlun Bank, said, according to the OFAC provisions regarding the sanctions on Iran, the future business needs to conform with the following conditions: all transactions should be subject to SRE; only humanitarian goods and non-sanctioned goods or services for bilateral trade between Iran and China are acceptable.
The above policies are temporary, which are subject to the SRE waivers for China valid until Apr. 30, 2019.
According to the OFAC provisions, Iran's automotive sector, petrochemical products, energy, shipping and shipbuilding sector and port operators, graphite, raw and semi-finished metals, such as aluminum and steel, and software for integrating industrial processes are sanctioned.