Official: China banks stop dealing with Iran ahead of US sanctions

The head of Iran-China Chamber of Commerce Asadollah Askaroladi announced that Chinese banks have stopped dealing with Iranian companies ahead of US sanctions scheduled to enter force next week.

Iran’s Tasnim news agency reported Askaroladi as saying that “all Chinese banks are no longer working with Iranian businessmen because of the US sanctions”.

“The banking transactions of Iranian exporters with China have been suspended,” he added.

The US imposed a first round of sanctions against Iran in August after unilaterally withdrawing from the internationally backed nuclear deal in May this year. More sanctions are due to be imposed on the Gulf state on Sunday.

Today Bloomberg reported that the US government has agreed to let eight countries, including India, to keep buying Iranian oil after sanctions come in to play.

Read: China defies US pressure as EU parts ways with Iranian oil