Iranian banker: China's Bank of Kunlun to continue its relations with Iran

Business Materials 22 April 2019 10:19 (UTC +04:00)

Baku, Azerbaijan, April 22

By Elnur Baghishov – Trend:

China's Bank of Kunlun Co. Ltd. will continue its relations with Iran after the period of the exemption from the US sanctions, which was set up for some countries, is extended, an informed official in the Iranian banking system told Fars News Agency, Trend reports.

According to the source, the same situation was observed six months ago. China's Bank of Kunlun continued its cooperation with Iran due to the exemption from the sanctions imposed on Iranian oil. "However, this time, with the prolongation of the exemption period, the problems experienced half a year ago will not reoccur," he said.

The bank official added that the ties between China's Bank of Kunlun and Iran have nothing to do with the FATF (Financial Action Task Force) or any other issues, as the relations between Iran and the FATF remain unchanged.

The US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) between Iran and the P5+1 group (US, Russia, China, UK, France and Germany) in May 2018. The US imposed sanctions on Iran in November 2018, making exceptions for eight countries to be able to continue purchasing oil from Iran for a period of six months. The six-month exemption period ends in early May of this year.

FATF (Financial Action Task Force) is an intergovernmental organization that enforces international standards for combating money and property laundering, terrorist financing and the proliferation of weapons of mass destruction. Two of its four conventions have been approved by Iran’s Advisory Council and discussions on the remaining CFT and Palermo Conventions are underway.