Japan to ban trade with Iran’s Bank Tejarat
The Japanese government will impose additional sanctions against Iran, banning its 3rd largest bank from trading with Japanese financial institutions. Iran continues to develop its nuclear program despite UN sanctions.
Japan mainly exports industrial products, such as cars and steel. Last year’s exports stood at 1.65 billion dollars.
The Foreign Ministry says most of the trade payments have been made through Bank Tejarat. It is Iran’s 3rd largest bank in terms of assets with 2,000 branches throughout the country.
In January, the US targeted the bank for sanctions. Japan intends to cooperate.
The government will ask companies to cut off ties with the financial institution and do business with another Iranian bank.
It will allow a transitional period of 6 months for companies with more than 1.2 million dollars in capital and 9 months for those with less.
The Cabinet is expected to approve the measure at a meeting on Tuesday.
Tuesday, March 13, 2012