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SWIFT to Disconnect Iran Banks Soon

SWIFT to Disconnect Iran Banks Soon

Friday, 9 November, 2018 - 18:15
The logo of global secure financial messaging services cooperative SWIFT is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. (Reuters)
Asharq Al-Awsat
The SWIFT financial messaging service announced that it will disconnect some Iranian banks this weekend, said SWIFT chief executive Gottfried Leibbrandt at an event in Paris on Friday.

Earlier this week, SWIFT had already 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.

In a brief statement issued earlier this week, SWIFT had made no mention of US sanctions coming back into effect on some Iranian financial institutions on Monday, as part of US President Donald Trump’s effort to force Iran to curtail its nuclear, missile and regional activities.

SWIFT’s statement on November 5 said that suspending the Iranian banks access to the messaging system was a “regrettable” step but was “taken in the interest of the stability and integrity of the wider global financial system.”

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