German bank to halt Iran transactions in July

BERLIN - Germany's No. 2 lender DZ Bank said on Friday it will suspend financial transactions with Iran in July following U.S. President Donald Trump's pullout from the nuclear deal with Tehran.

Trump's withdrawal of the United States from the accord and his order that sanctions be reimposed have led several European companies to announce their exit from Iran, including French oil major Total earlier this week.

"We will completely suspend our foreign payment transactions related to Iran starting July 1st," said a spokesman for Frankfurt-based DZ Bank, which is the umbrella organization of German cooperative bank chain Raiffeisen-Volksbanken.

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