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U.S. sanctions on China's bank ridiculous, counterproductive


08:11, August 02, 2012

BEIJING, Aug. 1 (Xinhua) -- The U.S. sanctions imposed on China's Bank of Kunlun, accused of providing financial services to Iranian banks, are ridiculous and counterproductive, and risk hurting the normal economic links between Beijing and Washington.

The U.S. government said Tuesday that the Bank of Kunlun would be denied access to the U.S. financial system, alleging it has facilitated transactions with Iranian banks that were blacklisted by Washington for their alleged involvement in developing mass destruction weapons.

The latest round of penalties came as Western countries have blamed Iran for trying to develop nuclear weapons, an accusation strongly denied by Tehran.

However, the new measure, purportedly designed to curb Iran's nuclear program, in fact lacks legal grounds and violates the norms of international relations, as sanctions on the Chinese bank and international transactions were made pursuant to the U.S. domestic laws.

As a matter of fact, bilateral economic activities between Kunlun and the six Iranian banks were conducted in line with a string of UN Security Council resolutions and other international standards.

Moreover, the legitimate cooperation between China and Iran in the areas of energy, economy and trade featured by openness and transparency has nothing to do with Tehran's nuclear program and will by no means harm the interests of any third party.
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