Mitsubishi UFJ Financial Group Inc (MUFG), which is considered the biggest bank of Japan, will stop all transactions related to Iran in compliance with the re-imposing of US sanctions against Tehran, Reuters reported on Thursday. The decision will probably force all costumers to stop their dealing with Iran since most international trade requires clearing through […]
Mitsubishi UFJ Financial Group Inc (MUFG), which is considered the biggest bank of Japan, will stop all transactions related to Iran in compliance with the re-imposing of US sanctions against Tehran, Reuters reported on Thursday.
The decision will probably force all costumers to stop their dealing with Iran since most international trade requires clearing through financial institutions.
According to Reuters, Japan is among the main buyers of Iranian crude and MUFG Bank Ltd handles bulk of these imports.
In May 2018, Donald Trump unilaterally pulled US out of Iran’s deal known as Joint Comprehensive Plan of Actions (JCPOA) and ordered to re-impose sanctions against Tehran which were suspended under the agreement.
A number of international banks and companies, including energy giant Total, have announced that they cannot continue cooperation with Iran after US sanctions’ return.
