Japan's top banks to stop business with Iran

Three top Japanese banks, Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp., will refrain from doing business with Iran's state-run Bank Saderat Iran in line with US financial sanctions, Kyodo News agency reported Saturday.

The United States has imposed a ban on US bank transactions with Bank Saderat Iran, insisting that Iran is channeling funds to Hizbullah in Lebanon through the export bank. The three Japanese banks have branches in the United States and decided to suspend transactions under the US sanction, Kyodo said, citing unidentified officials from the banks.

AP