The main Iran-China banking channel is functioning after China's Bank of Kunlun resumed services for Iranians on Monday, said deputy president of Iran-China Chamber of Commerce and Industries cited by Financial Tribune.
Majid Reza Hariri told the Financial Tribune that China was resuming banking ties with Iran after it received waivers from the United States to import Iranian oil last month, but the process was delayed to iron out the details.
Iran’s monthly imports from China stands at around $1 billion, the official noted. Quoted by Tasnim News Agency, Hariri said the disruption to bilateral trade over the past two months -caused by the US sanctions against Iran that took effect on November 4- has resulted in the accumulation of remittances which amount to $2 billion.
There would be a heavy load of banking transactions during the first days of resumption of banking ties, Hariri said, adding that the process of transactions will turn to normal after a week or so.
The official expressed hope that other Chinese banks would also join the process of financial interaction with Iran. 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.