Iranian and Chinese financial and banking operations will resume next Monday. This was announced by the Deputy Chairman of the Joint Iranian-Chinese Chamber of Commerce, Muhammad Reza Hariri, the Kayhan newspaper reported.

Hariri noted that the parties reached an agreement in principle to resume financial and banking relations last week.

It is reported that Bank of Kunlun Co will be the operator of financial relations between the two countries.

It should be noted that in 2009 the Bank of Kunlun Co was controlled by the China National Petroleum Corporation (CNPC).

In 2012, the US government imposed sanctions on the Bank of Kunlun Co for cooperation with the National Iranian Oil Company and the Iranian company on international oil trade. In response, Beijing demanded that Washington lift the sanctions imposed on the Chinese bank.

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