China’s Bank of Kunlun restores Iran ties but US restrictions hang on

Financial Tribune – As China’s Bank of Kunlun officially resumed its transactions with Iran after a one-month pause this week, the bank’s scope of work falls short of what Iranian businesses had hoped for as the bank hews strictly to the US sanctions regime.

In an official notice of the bank outlining its new strategy for Iran that was reviewed by the Financial Tribune, the bank makes clear that it will handle “only humanitarian and non-sanctioned goods and services for bilateral trade between Iran and China.”

“We hereby inform your good bank that our bank is able to resume business cooperation with Iranian banks, which are not subject to secondary sanctions by OFAC,” reads the text of the notice sent to Iranian lenders.