China Condemns US Sanctions On Kunlun Bank

China�s Foreign Ministry released a statement on 1 August condemning a decision by the US to impose sanctions on a bank that has facilitated projects by Chinese companies at Iranian refineries. President Barack Obama�s decision to sanction the Chinese Bank of Kunlun as well as Iraq�s Elaf Islamic Bank was based on their transactions with Iranian banks �that are already under sanctions for alleged ties to Iran�s nuclear program,� a White House statement noted on 31 July. Beijing said that the action was �damaging China�s interests and Sino-US relations� China has regular relations with Iran in the energy and trade fields, which have no connection with Iran�s nuclear plans.�

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