Japan Post Bank, the giant bank created last month when Japan broke up its post office, said on Thursday it was suspending remittances to Iran because of US financial sanctions. “We are suspending operations for international remittances to Iran from November 22,” the Japan Post Bank, which has the largest savings among the world’s commercial banks, said in a statement.
Japan Post had each year processed about 200 remittances to addresses in Iran worth a total of about 50 million yen (455,000 dollars), a bank spokesman said, reported AFP.

The US government on October 25 stepped up sanctions against Iran’s three major governmental banks, Bank Melli, Bank Mellat and Bank Saderat, alleged to be involved in developing nuclear weapons or financing Islamic militants abroad.