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A key Chinese bank is preparing to halt transactions with Iran ahead of imminent U.S. sanctions against Tehran, according to Reuters. 

Kunlun, the largest conduit for money flows between China and Iran, is telling clients that it will stop processing payments from Iran starting Nov. 1, the news service reported.

“We were told that from Nov. 1 Kunlun would no longer receive payments from Iran," an executive with a Chinese manufacturer told Reuters. " That basically means Iran will have to stop importing from China." 

China is Iran's top oil buyer and most of the transactions between the two countries are related to oil. 

The U.S. is set to reimpose sanctions against Iran in early November following President Trump's decision to leave the Obama-era Iran nuclear deal.

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