News ID: 234957
Published: 0407 GMT November 28, 2018

Iran-China banking obstacles removed: Official

Iran-China banking obstacles removed: Official

The head of Iran-China Joint Chamber of Commerce said the hurdles in banking transactions between Tehran and Beijing were cleared.

Asadollah Asgaroladi told Tasnim News Agency that a Chinese bank will undertake banking transactions with Iran as of December 2.

According to Asgaroladi, oil sales to China will start next week and Tehran will begin receiving the oil revenues within the next month.

He further said that China plans to announce a second bank for interaction with Iran next month.

His comments came a few days after reports that China will restart loading Iranian crude in November 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.

The decision to restart purchases precedes an upcoming meeting between Chinese President Xi Jinping and US President Donald Trump at the Group of 20 summit later this week and coincides with flaring trade tensions between the world's two largest economies.

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