Azerbaijan, Baku, Jul.1/ Trend F.Milad/
The Central Bank of Iran has developed a software system, named SEPAM, to replace SWIFT in financial transactions to circumvent international banking sanctions.
The Mehr News Agency quoted Central Bank Governor Mahmoud Bahmani as saying that the SEPAM is a system for sending financial messages electronically and is aimed to provide grounds for securing financial transactions.
SWIFT, or Society for Worldwide Interbank Financial Telecommunication, cut off Iranian banks on March 17. SWIFT's move followed a decision by the European Union Council, which represents EU member states, to tighten asset freezes on a number of people and entities associated with Iran's nuclear activities
EU foreign ministers agreed January 23 to impose a ban from July 1 on all imports of crude oil and petrochemicals from Iran, which last year exported an estimated 500,000 barrels per day of crude to the European market. The sanctions also ban dealings with the central bank of Iran and other state-owned financial institutions and banks, making it virtually impossible to transfer funds to Tehran.