Jul 13, 2018
TOKYO - MUFJ Bank and Mizuho Bank plan to halt all Iran-linked transactions as soon as August, following the United States' decision to reimpose sanctions against Tehran, sources close to the matter said Thursday.
The banking units of Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. have both started informing their customers of the plans, the sources said.
Under the U.S. sanctions, to be implemented in stages starting in August, banks with Iran-related transactions would face substantial restrictions regarding their business with U.S. financial institutions.
On May 8, U.S. President Donald Trump withdrew Washington from the 2015 Iran nuclear deal as he pledged to reinstate U.S. sanctions on Tehran.
Under the deal struck between Iran and six major powers -- Britain, China, France, Germany, Russia and the United States -- Tehran agreed to curb its nuclear activities in exchange for the lifting of crippling economic sanctions.
Kyodo News Plus is an online publication delivering the latest news from Japan. Kyodo News Plus collaborates with City-Cost to bring those stories related to lifestyle and culture to foreigners resident in Japan. For the latest news updates visit the official site at https://english.kyodonews.net