Bank of Kunlun

 In 2020, the U.S. state of Mississippi listed Bank of Kunlun on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering Bank of Kunlun ineligible for investment and/or state contracting.

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On March 7, 2018, Bank of Kunlun Co Ltd was added to the Florida State Board of Administration List of Prohibited Investments (Scrutinized Companies) due to its involvement in Iran. As of March 9, 2021, Bank of Kunlun Co Ltd remains on the SBA list of prohibited investments. 

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"A member of Iran’s Chamber of Commerce has said that China’s Kunlun Bank is refusing to deal with Iran, as warnings from the international watchdog, the Financial Action Task Force (FATF) regarding banking ties with the Islamic Republic have become tougher this year." (Radio Farda, "Chinese, Russian Banks Refuse Transactions With Iran," 8/6/2020). 

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Last week, an official from Iran’s communications ministry received an email from a Chinese supplier informing them that Bank of Kunlun, the state-owned bank at the heart of China-Iran bilateral trade, is weighing whether to cease processing Iran-related payments. The email warned that after an April 9 deadline, “Kunlun may stop handling payment [sic] from Iran. For the exact situation then, we can only wait for further notice from the bank.” (Bourse & Bazaar, "Concern in Iran Over China Commerce as Trump Gets Trade Deal" 1/29/2020).

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"But CNPC officials have said the company struggled to find banking channels to transfer funds to Iran due to U.S. pressure. CNPC’s own bank, Bank of Kunlun, which is the main conduit for China’s Iran trades, has told customers it no longer accepts trades with the Islamic Republic, though it has said publicly it intends to keep its business with Tehran." (Wall Street Journal, "China Pulls Out of Giant Iranian Gas Project, 10/6/2019). 

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Bank of Kunlun is listed on the June 4, 2019 and July 12, 2019 Florida State Board of Administration list of prohibited investments (Scrutinized companies) for Iran related business.

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Bank of Kunlun is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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"China’s Bank of Kunlun started its activity in Iran, Vice Chairman of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Pedram Soltani announced on Thursday. In his twitter account, he wrote, “China’s Bank of Kunlun has announced that it will continue its banking transactions with the Islamic Republic of Iran by the end of the current year only using Chinese currency yuan and with full observation of the U.S. sanctions with regard to the goods, real and legal entities, transport companies and banks”, Mehr news agency reported. China’s Bank of Kunlun is the only Chinese bank that cooperates with the Islamic Republic of Iran, he added." (Tehran Times, "Bank Kunlun starts operations in Iran," 6/7/2019).

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"Experts expect that China will continue to buy some Iranian oil, but many Chinese businesses are limiting their exposure to the country. Bank of Kunlun Co., a key conduit for Sino-Iranian trade, told clients on Monday that it will stop all transfers with Iran beginning May 1, said Mostafa Pakzad, a Tehran-based consultant who helps companies carry payments in and out of Iran. The bank, owned by state-run China National Petroleum Corp., had already interrupted such dealings last year but had restarted trade of humanitarian goods in the hope they could be exchanged for Iran oil." (Wall Street Journal, "Asian Companies Pull Back From Iran Amid U.S. Pressure," 4/24/2019).

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Bank of Kunlun is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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In 2017, the U.S. state of Mississippi listed Bank of Kunlun on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering Bank of Kunlun ineligible for investment and/or state contracting.

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In September 2017 – “The official referred to Bank of Kunlun Co Ltd, a China National Petroleum Corp unit, as "one of the longstanding business partners of Iran" that continued to work with the country even under sanctions.”

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"...[A] Western intelligence report reviewed by Reuters says Shenzhen Lanhao is one of several companies in China that receives money from Iran through a Chinese bank. Such transfers help to finance international operations of the Islamic Revolutionary Guards Corps' elite Quds Force, the report said. The Quds provides arms, aid and training for pro-Iranian militant groups in the Middle East, such as Hezbollah, Hamas and Shi'ite Muslim militias in Iraq. They have also armed and trained government forces in Syria's civil war in violation of a U.N. arms embargo, U.S. and European officials say. Washington designated the Quds a supporter of terrorism in 2007. The European Union sanctioned them in 2011. The report said that the Central Bank of Iran (CBI) holds accounts with the Bank of Kunlun Co Ltd, a China National Petroleum Corp unit." (Reuters, "Exclusive: Iran uses China bank to transfer funds to Quds-linked companies – report," 11/17/14)

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"Beijing reacted furiously Wednesday to new US sanctions imposed on a Chinese bank over transactions with Iran, urging Washington to revoke them and saying it would lodge an official protest. China's foreign ministry urged the United States to lift the sanctions on the Bank of Kunlun, which it said violated the 'norms of international relations' and damaged relations between Beijing and Washington. US President Barack Obama on Tuesday imposed new economic sanctions on Iran's oil export sector and on a pair of Chinese and Iraqi banks accused of doing business with Tehran . . . The US president accused the Bank of Kunlun and the Elaf Islamic Bank in Iraq of arranging transactions worth millions of dollars with Iranian banks already under sanctions because of alleged links to Tehran's weapons programme . . . Bank of Kunlun declined to comment on the announcement to impose sanctions." (AFP, "China hits back at new US sanctions over Iran," 8/1/12)

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"Like Russia's First Czech-Russian Bank LLC and China's Bank of Kunlun Co. Ltd, they are typically small, obscure financial institutions often based in countries historically friendly to Iran... Bank of Kunlun didn't respond to requests for comment, and a representative at state-owned China National Petroleum Corp., which controls Bank of Kunlun, said he was unaware of the matter." (The Wall Street Journal, "Willing Banks Find Profits in Legal Trade With Iran," 4/8/2012)