ZCZC
BCN-14
RUSSIA-IRAN-BANK-SWIFT
SWIFT will disconnect some Iranian banks this weekend, Reuters says
MOSCOW, Nov 10, 2018 (BSS/TASS) – The global financial messaging service
provider SWIFT will be disconnecting some Iranian banks this weekend, Reuters
reported on Friday citing SWIFT chief executive Gottfried Leibbrandt.
On Monday, SWIFT stated that it would be suspending some unspecified
Iranian banks’ access to its messaging system in the interest of the
stability and integrity of the global financial system. SWIFT did not mention
US sanctions coming back into effect on some Iranian financial institutions.
On November 2, US Treasury Secretary Stephen Mnuchin announced that
Washington may impose sanctions against SWIFT in connection with Iran.
According to him, the banking system was informed about the need to
disconnect any Iranian financial institutions that would come under US
sanctions. However, Mnuchin noted that an exception will be made for
financial transactions of a humanitarian nature involving non-sanctioned
legal entities.
SWIFT is the international interbank system of information transmission and
payments. Over 11,000 financial institutions of more than 200 countries of
the world are connected to it. The possibility of disconnecting Russia from
SWIFT is discussed since 2014, when first anti-Russian sanctions related to
the situation in Ukraine were introduced.
BSS/TASS/HR/1155