According to Reuters, Mitsubishi UFJ Financial Group, will halt all Iran transactions to comply with the reimposition of US sanctions against Tehran later this year. Photo: Reuters
According to Reuters, Mitsubishi UFJ Financial Group, will halt all Iran transactions to comply with the reimposition of US sanctions against Tehran later this year. Photo: Reuters

Japanese banks MUFG and Mizuho to stop Iranian transactions



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.

_________

Read more:

Iran's Asian crude buyers to cutback 'substantially' says BMI

Iranian rial tumbles to record lows as US sanctions loom

_________

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

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Company%20Profile
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AIDA%20RETURNS
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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
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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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.

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COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
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