Belgium's KBC to limit Iran transactions after US sanctions move
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Belgium's KBC will limit Iran-related transactions to only humanitarian trade after the U.S. decision to reimpose sanctions on Tehran, the financial group said, becoming the latest company to scale back activities.
US President Donald Trump pulled out of an international nuclear deal with Iran—known as the JCPOA—on May 8 and said he would reimpose sanctions within 180 days, prompting several European companies to announce they would end business with Tehran before the November 4 deadline.
Since then, banks, insurers, shipping companies and European oil refiners have been gradually severing ties with Iran, complicating the efforts of European and other countries to keep the nuclear deal alive.
"Immediately upon the exit by the USA of the JCPOA, KBC Group decided to restrict its policy on Iran to humanitarian goods as defined by OFAC," the company said in an emailed statement to Reuters, referring to the US Treasury's sanctions enforcement arm.
"This policy allows also such humanitarian transactions for KBC's own customers beyond the 4th of November 2018 as long as it complies with OFAC programs."
KBC said pending transactions for goods other than humanitarian trade would be wound down within the allowed period.
