TOKYO (Reuters) - Japanese banks are moving to stop handling all Iran-related transactions to meet a November deadline set by the United States, after President Donald Trump in May pulled out of a nuclear program agreement with Tehran.
Japan’s biggest bank, Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T), will halt all Iran transactions to comply with the reimposition of U.S. sanctions against Tehran later this year, according to a document seen by Reuters on Thursday.
The banking unit of Mizuho Financial Group Inc (8411.T) said later on Thursday it would take the same action. Sumitomo Mitsui Banking Corp (SMBC) (8316.T) will carefully consider its response in compliance with the law and based on U.S. sanctions, it said in a statement emailed to Reuters.
The move by MUFG is likely force a halt in Iranian crude oil purchases by Japanese companies as its banking unit handles the bulk of those imports, industry sources have told Reuters.
Go to link