Financial Tribune - An official with the Iran-China Chamber of Commerce and Industries denied reports that China's Bank of Kunlun has severed ties with its Iranian customers.

Majid Reza Hariri said Bank of Kunlun has not denied service to Iranians but rather, has notified commercial account holders that if they have an open letter of credit or unfinished payments, they should complete them by November 1.

The new round of US sanctions aims to exert economic pressure on Iran, after President Donald Trump abandoned a 2015 deal between Iran and six world powers aimed at curbing Tehran’s nuclear program.