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SWIFT ban remains on Iran’s military and missile programs

Business Materials 27 July 2015 12:29 (UTC +04:00)

Baku, Azerbaijan, July 27

By Fatih Karimov - Trend: Society for Worldwide Interbank Financial Telecommunication, or SWIFT, will keep restrictions on Iranian persons who have been involved in the country's military and missile programs, said Iranian Deputy Foreign Minister Abbas Araqchi.

"The SWIFT ban was, in principle, on persons and institutions who were on the list of sanctions due to military, missile, and proliferation issues," Araqchi, who was a senior negotiator during nuclear talks between Iran and the P5+1 group, said.

In the first phase, all individuals who were on the list of sanctions due to financial and economic issues will be removed from the list, he added.

In general, Iranian banks and institutions will have no problem to use SWIFT after lifting of the sanctions, he noted.

SWIFT is a global supplier of secure messaging services and interface software to wholesale financial entities.

After several months of talks, on July 14, Iran and the P5+1 (US, Russia, China, France, UK, and Germany) announced a final accord, curbing Iran 's nuclear program in exchange for lifting of most international sanctions.

Following the deal, the members of the UN Security Council unanimously passed a resolution on July 20 by endorsing the deal.

Edited by CN

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