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Bank of Kunlun

Bank of Kunlun


"Beijing reacted furiously Wednesday to new US sanctions imposed on a Chinese bank over transactions with Iran, urging Washington to revoke them and saying it would lodge an official protest. China's foreign ministry urged the United States to lift the sanctions on the Bank of Kunlun, which it said violated the 'norms of international relations' and damaged relations between Beijing and Washington. US President Barack Obama on Tuesday imposed new economic sanctions on Iran's oil export sector and on a pair of Chinese and Iraqi banks accused of doing business with Tehran . . . The US president accused the Bank of Kunlun and the Elaf Islamic Bank in Iraq of arranging transactions worth millions of dollars with Iranian banks already under sanctions because of alleged links to Tehran's weapons programme . . . Bank of Kunlun declined to comment on the announcement to impose sanctions." (AFP, "China hits back at new US sanctions over Iran," 8/1/12)


"Like Russia's First Czech-Russian Bank LLC and China's Bank of Kunlun Co. Ltd, they are typically small, obscure financial institutions often based in countries historically friendly to Iran... Bank of Kunlun didn't respond to requests for comment, and a representative at state-owned China National Petroleum Corp., which controls Bank of Kunlun, said he was unaware of the matter." (The Wall Street Journal, "Willing Banks Find Profits in Legal Trade With Iran," 4/8/2012)