SWIFT to Comply With US Sanctions on Iran

The financial messaging service on Monday said it is suspending “certain Iranian banks’” access to its system in the interest of the resilience and integrity of the global financial system

Archive photo: GPO

SWIFT, the international financial messaging service, has said it will comply with the US sanctions on Iran, and suspend “certain Iranian banks’” access to its cross border-payment network.

In a statement released on Monday, SWIFT said: “In keeping with our mission of supporting the resilience and integrity of the global financial system as a global and neutral service provider, SWIFT is suspending certain Iranian banks’ access to the messaging system. This step, while regrettable, has been taken in the interest of the stability and integrity of the wider global financial system.”

According to Financial Times, “SWIFT’s decision further undermines EU efforts to maintain trade with Iran and save a landmark international deal with Tehran, after President Donald Trump pulled out in May. Swift now faces the threat of punitive action under new EU rules that forbid companies from complying with the US Iran sanctions.”

Israeli PM Netanyahu praised the move in his address before the Knesset. “The second wave of sanctions, especially the sanctions imposed on the SWIFT, the banking clearing system used by the Iranian regime, will add a very severe blow to Iran's terrorist regime,” he said.