Iranian banks reconnect to SWIFT

Iranian banks were disconnected from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in March 2012 as part of the EU’s sanctions on Iran. Today SWIFT (which is incorporated in Belgium) has confirmed that, following implantation of the JCPOA in January which lifted most EU sanctions on Iran, some non-sanctioned banks have been reconnected to SWIFT, and others have applied to be reconnected.

SWIFT’s press release in January stated that following the JCPOA it had “informed the relevant stakeholders about the necessary measures that need to be put in place to make it possible for those banks that are delisted by the Implementing Regulation to reconnect to SWIFT” and that “SWIFT remains prohibited from providing specialised financial messaging services to the EU-sanctioned Iranian banks that remain listed under EU Regulation” post Implementation Day.

This entry was posted in Iran and tagged , by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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