Saturday , October 16 2021

SWIFT Financial Correspondence: The network will separate some Iranian banks from the messaging system over the weekend



"The network will separate some Iranian banks from its system early next week," said Gottfried Lebrant, executive director of Swift Financial Network, adding that this is unfortunate.

Earlier this week, Swift said he would suspend the arrival of some Iranian banks into the "stability and integrity of the global financial system" system.

Swift did not mention the US sanctions as the reason for its decision, which probably reflects the fact that it is caught between conflicting regulatory requirements.

"We are going to separate several Iranian banks, it's really unfortunate, we can not stay neutral," LeBrand said at a Franco-German business conference in Paris. "It is a commercial decision and will not affect all banks.

Subsequently, he stated that the list of banks would be published earlier in the week after notifying the banks involved. He declined to comment on whether the central bank was on the list.

The US government has told Swift it expects them to comply with the sanctions and that it may face sanctions from Washington if it does not comply. Swift, on the other hand, is prohibited from doing so under the EU law known as the Blocking Act, which may expose it to European sanctions if it complies with US law.


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