As a new round of US sanctions against Iran is scheduled on November 5th, two South Korean banks announced on Friday that they will stop transactions with Iranian bank, KBS World reported today.
Both Woori bank and the Industrial Bank of Korea (IBK) have reportedly asked their client companies “to complete the delivery of goods and payments transactions by no later than Sunday,” a day before US impose new sanctions on Tehran, reported the news.
Woori bank and IBK have a strong relationship with Iran’s central bank.
Iran is also facing wild inflation and currency crisis due to the US sanctions imposed on the country since President Donald Trump left the nuclear deal on May.
