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Launch of a banking channel between Iran and China
14:10 - 30/11/2018
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Information / Baghdad ...
The head of the Iran-China Chamber of Commerce said that within a few days a bank exchange channel between the two countries will be launched through Kunlun Bank in a move aimed at overcoming US sanctions on Tehran.
The head of the Joint Chamber of Commerce, Asadullah Askar Oladi, said China's Kunlun Bank would resume its activity with Iran after a one-month hiatus, adding that cooperation with the bank had been cut off last month after Iran's oil supplies to China were suspended.
On the date of resumption of banking transactions between the two countries, the Iranian official said, as quoted by the agency, "Fares," the exchange of banking will resume on 2 December.
He pointed out that the proceeds from the sale of Iranian oil to China will be transferred to the bank "Bank Kunlun" to be used later to finance the import activities of Iranian companies, expected to contribute to the move to revive the movement of exports and imports.
On November 5, the second round of Washington sanctions on Tehran, aimed primarily at Iranian oil exports, entered the United States, but the United States granted a group of countries, led by China, a temporary exemption to continue buying Iranian oil.
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