Two South Korean banks say they will suspend trade transactions with Iran for now pending the reimposition of U.S. sanctions on Tehran from Monday. 

Woori Bank has notified customers of the suspension and the Industrial Bank of Korea(IBK) is asking client companies to complete the delivery of goods and payment transactions by no later than Sunday.

Woori and IBK's relationship with Iran's central bank has been instrumental in clearing trade accounts with South Korean firms.

Iran has deposited Korean won it receives for oil with the banks, and Korean firms have collected won-denominated payments for their exports to Iran.