Published on July 5, 2017

Iran has announced that there has been significant dip in exports of its petrochemical to China since May due to banking issues with top officials in Tehran. Chinese banks has refused to make payments to Iranian exports due to domestic regulations against money laundering issue that came to effect on 1st May 2017. “The problem has reached a stage that the senior officials of the Iranian and Chinese governments need to negotiate over it. Certain regulations in China need to be amended in order for Iran’s petrochemical exports to the country to restart. Other officials in Tehran had earlier said the Chinese banks were still reluctant to interact with their Iranian counterparts over concerns that they may fall afoul of the remaining US sanctions against the Islamic Republic.