iran

China is one of 32 central banks in a group that released a statement last week, saying there would be further restrictions on Iranian banks if no action is taken on nuclear proliferation and terrorist financing.

The Financial Action Task Force had been asked to identify ‘unco-operative’ jurisdictions by the G20. On Tuesday, the US Treasury reiterated its interest in sanctions against Iran’s central bank. 

The US, Britain, France and Germany are trying to convince Russia and China to agree to blacklist Iran’s central bank and firms linked to the Revolutionary Guard Corps, in a new round of UN sanctions over Tehran’s nuclear program. Russia and China are permanent members of the UN Security council, which means they can – and do – veto resolutions.

Such sanctions could hurt Iran’s energy market. The government has allowed for up to €5bn euro bond issues by the oil ministry to help finance development of the country’s oil, gas and petrochemical sectors

Iran’s central bank governor says the country gained about $5 billion by shifting its foreign currency reserve basket from the US dollar to the euro, reports AFP. Mahmoud Bahmani was quoted by Iran’s state television as saying that ‘so far, we have seen a $5 billion benefit from shifting the (currency) basket to the euros from the dollar.’ He did not elaborate. Earlier this year, Iran said it was switching to the euro for its crude oil sales, which account for about 80 percent of its foreign income.