Chinese Bank Stops Iranian Oil Transactions Ahead of US Sanctions

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Here yet again we see the Trump effect. In placing new sanctions upon the Islamic Republic of Iran, the US was sending a message to other governments: choose. Choose which country you’d rather do business with — America or Iran. Even China, which is America’s global competitor in so many ways, is choosing the US, as this story indicates. President Trump has been proven correct again and again, and all he gets in response is vituperation and abuse, and impeachment if the Democrats win the House, plus removal from office if they win the Senate. Don’t let that happen. Vote.

“Chinese Bank Stops Iranian Oil Transactions Ahead of US Sanctions,” by David Israel, Jewish Press, October 26, 2018:

The Bank of Kunlun which conducts most of China’s business transactions with Iran, is planning to stop its involvement with that country’s oil exports, in response to the pressure of US sanctions due on November 1, Reuters reported this week.

China is the largest buyer of Iranian crude oil—about $1.5 billion worth a month—mostly through the Bank of Kunlun. According to Reuters, Chinese refineries have already reduced their oil purchases from Iran in October.

There has been no official response from the bank, or from its parent organization, the China National Petroleum Corporation (CNPC), to the Reuters report.

Majid Reza Hariri, an official with the Iran-China Chamber of Commerce and Industries, denied the report, saying the Bank of Kunlun has not actually halted service to Iran’s oil exports, but rather has notified commercial account holders that in case they have an open letter of credit or unfinished payments, they should complete them by November 1.

Which is as far as one can go putting lipstick on this pig without actually confirming the report…

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