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The SWIFT payment messaging system complies with US sanctions on Iran and will ban the country's banks from the SWIFT network. The decision of the group established in Belgium is a blow to European efforts to maintain trade with Iran.
In a press release, SWIFT states that it wishes to maintain the stability and integrity of the overall payment system. The company says it is regrettable, but does not mention the sanctions imposed by the United States
SWIFT is an organization that regulates international messages in financial traffic. About eight thousand institutions in about two hundred countries are affiliated with SWIFT. With a SWIFT number, now called BIC code, cross-border payments are facilitated.
Previously, the US government had declared that SWIFT must comply with the sanctions imposed by the United States. The United States has also threatened to impose sanctions on SWIFT.
The payment notification system is now likely to be sanctioned by the European Union. Earlier, the European Commission had argued that US companies should not worry about sanctions imposed by the United States
US President Donald Trump subsequently reinstated the sanctions lifted in 2015 by the former president of the United States, Barack Obama.
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