China’s largest bank for transactions from Tehran to halt its Iran-business by Nov. 1st

President Donald Trump announced that the United States continues to make significant progress in the fight against “radical Islamic terrorism” across the Middle East, a campaign that has decimated the Islamic State in Syria and Iraq. Ahead of a briefing with senior military leaders, Trump stressed that continued efforts are being made to boost the involvement of Washington’s regional partners in the war on terror. In Trump’s words, “We made significant progress in the fight against radical Islamic terrorism, in Syria and Iraq our brave war fighters have decimated ISIS and we are working to get our regional partners to step up their contributions and take greater responsibility for the future of their own region.”

Meanwhile, Iranian Foreign Minister Mohammad Javad Zarif declared that his country “will be able to overcome sanctions imposed against it by the United States and its allies.” According to Iran’s state media outlet Press TV, the Islamic Republic’s top diplomat was quoted as saying that “many countries have express readiness to do business with Iran,” despite the looming American measures.

Among those vowing to continue trade with Iran, despite U.S. sanctions, is China – the Islamic Republic’s top oil buyer.  Nevertheless, concerned of losing its business with the United States, Kunlun, which is the largest Chinese Bank for monetary transactions between Beijing and Tehran has informed its clients in the Islamic Republic that it intends to stop processing payments from Iran, by November first. An Iranian businesswoman, who spoke on condition of anonymity, said it was unclear when Kunlun would restart transactions with Iran. She said that according to a Kunlun account manager, all payments originating from Iran by the first of November will be rejected and returned. Kunlun did not immediately respond to TV7’s request for comment.