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Belgium's KBC Group to limit Iran ops following US sanctions

KBC Group NV said it will limit its operations in Iran following the reinstatement of U.S. sanctions on the country.

The Belgian bank will now restrict its policy on the Middle Eastern state to "humanitarian goods," it told S&P Global Market Intelligence on June 8. This comes after U.S. President Donald Trump pulled out of a nuclear accord with Iran known as "JCPOA" and ultimately reinstate the sanctions.

"Pending transactions for goods other than humanitarian are wound down within the period allowed," the bank said. It noted that it never financed any deal with Iran but only processed the settlement of transaction of its clients, all while considering sanctions by the EU or by the Office of Foreign Asset Control of the U.S.

The lender is the latest financial institution to scale down its Iranian-related exposures following the move by the U.S. after Switzerland's Banque de Commerce et de Placements SA and German insurer Allianz Group.