The head of Iran-China Joint Chamber of Commerce said the hurdles in banking transactions between Tehran and Beijing have been cleared.
In an interview with Tasnim, Asadollah Asgaroladi said problems faced by Iranian merchants in trading with China have been resolved.
“As of December 2, a Chinese bank will begin banking transactions with Iran,” he added.
According to Asgaroladi, Iran’s oil sales to China will start next week and Tehran will begin receiving the oil income within the next month.
He also said that China is planned to announce a second bank for interaction with Iran next month.
His comments came a few days after reports that China will restart loading Iranian crude in November after it halted purchases in October.
The Chinese government had previously ordered at least two state-owned companies to avoid buying Iranian oil in the lead-up to the November 4 sanctions review deadline.
The nation’s decision to restart purchases precedes an upcoming meeting between Chinese President Xi Jinping and US President Donald Trump at the Group of 20 summit later this week and coincides with flaring trade tensions between the world’s two largest economies.