Five Chinese banks resume deals with Iran

January 14, 2008

TEHRAN, Jan. 13 (MNA) -- Five Chinese banks resumed their deals with Iran, the Iran-China Chamber of Commerce Head Assadollah Asgarowladi said here on Sunday.

“Of the 12 Chinese banks that severed their ties with the country due to political reasons, five restarted their transactions,” he said in an interview with Fars News Agency.
He added that currently 40 percent of problems between Iranian and Chinese banks, caused by the UN Security Council resolution, have been resolved.
The problems of the leading China Bank and Central Bank will be removed by next Friday, Asgarowladi vowed.
The Bush administration since October has constantly tried to sanction Iranian banks while financial institutions in Russia, China, and much of the Middle East have declined to cut ties, the Boston Globe reported.
Even Afghanistan and Iraq — two countries that depend heavily on the United States — have so far declined to take action against Bank Melli of Iran (BMI), the country’s largest public financial institution, which was among the first foreign banks to open branches in Baghdad and Kabul, it added.
Washington has so far blacklisted Iran’s BMI, Bank Mellat, and Bank Saderat.
These sanctions stem from an executive order that Bush issued in 2005 giving him unprecedented power to blacklist foreign banks.
According to this authority the U.S. government can shut any bank out of the U.S. financial system without ever having to make its evidence public, or even share the allegations with the banks themselves