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 programme agreement with Tehran.
Japan’s biggest bank, Mitsubishi UFJ Financial Group, will halt all Iran transactions to comply with the reimposition of US sanctions against Tehran later this year, according to a document seen by Reuters on Thursday.
The banking unit of Mizuho Financial Group said later on Thursday it would take the same action. Sumitomo Mitsui Banking will carefully consider its response in compliance with the law and based on US 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.
The bank was fined hundreds of millions of dollars in 2014 for misleading US regulators about its transactions with sanctioned countries including Iran.
“The bank is afraid of US sanctions, so cannot handle trade transactions. Other Japanese banks are likely to be in the same position,” said a Japanese analyst who declined to be identified due to the sensitivity of the issue.
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Read more:
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Iranian rial tumbles to record lows as US sanctions loom
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Mr Trump in May withdrew the US from a multi-party deal on Iran’s nuclear programme and ordered the reimposition of US sanctions against Tehran that were suspended under the 2015 agreement.
Washington later told countries to stop buying Iran’s crude oil, that nation’s most important export item, by November 4 or face financial consequences.
Japan is one of the biggest buyers of Iranian crude but the country’s oil refiners have said they may have to stop loading Iranian crude oil from October if they cannot get an exemption from US sanctions to allow imports to continue.
Beyond oil, trade between Japan and Iran is minimal.
MUFG Bank has informed customers in Japan about its decision, given that dealings with Iranian financial institutions will be prohibited after a 180-day wind-down period, which ends on November 4, the document showed.
MUFG may revise its policy should additional guidance be given by the US, the bank said in the document.
MUFG did not immediately respond to a request for comment.
Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Company%20Profile
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%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
AIDA%20RETURNS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAida%20Abboud%2C%20Carol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5.%2F5%3C%2Fp%3E%0A
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%C2%A0profile
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
FIGHT CARD
Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight
Q&A with Dash Berlin
Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.
You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.
You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.
Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.
Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Killing of Qassem Suleimani