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October 2018
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Wednesday, 10 October 2018 15:00

Europe steps up drive to exempt Swift from Iran sanctions

Europe steps up drive to exempt Swift from Iran sanctions

European finance ministers will try to persuade the Trump administration not to cut off Iran’s access to Swift, the global financial messaging service, in meetings with Steven Mnuchin, the US Treasury secretary, at the IMF gathering in Bali this week, Caspian Energy News (www.caspianenergy.net) reports with reference to Financial Times.

The Trump administration is due to reimpose hefty sanctions against Iran on November 5, including secondary sanctions on financial messaging services to the Central Bank of Iran and some Iranian financial institutions.

France, Germany and the UK — which signed on to the seven-party 2015 Iran nuclear deal from which Donald Trump unilaterally withdrew in May — are frustrated that they have not been able to convince the Trump administration to take a softer line on Belgium-based Swift.

The Trump administration has yet to reach a final conclusion on how to treat Iranian commercial banks, although many believe it is likely to reimpose sanctions on the central bank and cut it off from Swift.

Supporters of Swift worry that the international co-operative, whose 25 board directors include two US bankers from Citi and JPMorgan, would find it impossible to comply with US, European and Belgian law at the same time if their instructions diverge.

UK and French finance ministers are due to meet Steven Mnuchin at the IMF meetings, as is Valdis Dombrovskis, the EU commission vice-president responsible for financial services policy. Germany’s finance minister may also meet with him. 

More details: https://www.ft.com/content/1db52c7a-ca27-11e8-b276-b9069bde0956

Person in charge of the newsline: Olga Nagiyeva 

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