Resumption of Iran-China banking ties runs into snag: Official

Tasnim – Head of Iran-China Joint Chamber of Commerce said the banking transactions between Tehran and Beijing have not been still restarted due to a series of outstanding obstacles.

Speaking to Tasnim, Asadollah Asgaroladi said the banking transactions with China were planned to resume a few days ago, but the plan “has not entered the operational phase so far.”

He also noted that Iran’s newly-appointed ambassador has gone to China to resolve the banking problems, expressing the hope for good news about the positive results of negotiations in coming days.

On November 28, Asgaroladi said the hurdles in banking transactions between Tehran and Beijing have been cleared.

“As of December 2, a Chinese bank will begin banking transactions with Iran,” he had announced.

In November, reports suggested that China would restart loading Iranian crude after it halted purchases in October.

The Chinese government had previously ordered at least two state-owned companies to avoid buying Iranian oil in the lead-up to the November 4 sanctions review deadline.