Iran Focus

London, 23 Oct – The official channel for money transfers between China and Iran, Bank of Kunlun, will stop handling payments from the Islamic Republic as U.S. sanctions loom, according to what sources familiar with the matter told Reuters.

The sources, who include external loan agents and business officials who trade with Iran, claim that Kunlun verbally informed clients that it will stop accepting yuan-denominated Iranian payments to China beginning November 1st.

The financial arm of Chinese state energy group CNPC controls the bank, and had already suspended euro-denominated payments from Iran in late August, said the sources, who declined to be named due to the sensitivity of the matter.

Iran Focus

London, 23 Oct – An Iranian MP from the city of Shiraz blasted President Hassan Rouhani in a speech to parliament on October 21 for suppressing Iran’s pre-Islamic history.

Bahram Parsaei, whose city is home to the 2,500-year-old ruins of Pasargadae, the capital of the Achaemenid Empire, and the mausoleum of Cyrus the Great, proposed that October 29 should be named in honour of Cyrus, the founder of the Achaemenid Empire.

Iran Focus

London, 21 Oct – The second round of U.S. sanctions against Iran’s oil exports and international banking operations will be ineffective, claims the governor of the Central Bank of Iran (CBI), Abdolnasser Hemmati.

However, the first round of sanctions that followed the United States’ exit from the nuclear deal with Iran had a devastating impact. The second round is expected to increase the impact on Iran’s rising unemployment and poverty.

The next round of sanctions, beginning in early November, targets Iran’s oil exports, among other important aspects of its economy.

Iran Focus

London, 20 Oct – Iran is among the cases scheduled to be reviewed in this week’s FATF (Financial Action Task Force) summit. More than 800 officials representing 204 jurisdictions, the IMF, UN, World Bank and others came to Paris for FATF Week to discuss the global combat of financing terrorism. Meanwhile, factions within Iran argue whether the Islamic Republic should join the FATF or not.

FATF Week began on Sunday, October 14th, and continues through Friday, October 19th. Important issues to protect the integrity of the global financial system, and to improve safety and security across the world, are on the agenda. Three out of the four laws that are necessary to avoid being black listed by the global anti-money laundering body, are still unclear.

Iran Focus

London, 20 Oct – Iran is currently facing their biggest challenge to date – reimposed US sanctions – and they are looking for any allies to help them evade the impact of this.

The mullahs have crafted a plan with three objectives:

• Make sure Iranian oil exports can finance “essential expenditure”, i.e. salaries of civil service and military personnel

• Ensure that there is enough foreign currency in the domestic market to slow down the fall of the national currency and avoid inflation

• Make sure that crucial items, i.e. industrial parts to keep major factories going, remain available