"Swift" to Lift All but Arms-Related Embargoes on Iran: Deputy FM
TEHRAN (Tasnim) – An Iranian deputy foreign minister said Swift will lift embargoes on the Iranian individuals and financial institutions it had sanctioned in the past, except those who are on the banking network's sanctions list in connection with the country's arms and missile programs.
Speaking to Tasnim on Monday, Abbas Araqchi said termination of the anti-Iran sanctions following a final nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) will consequently make Swift end bans on the sanctioned Iranian individuals.
Araqchi was a senior negotiator in the diplomatic talks between Iran and the world powers, which finalized the text of a lasting nuclear deal on July 14.
During the first stage after implementation of the final agreement, sanctions against all of the Iranian individuals who had been blacklisted due to economic and financial reasons will be terminated, Araqchi noted, saying the number of those individuals is above 800.
According to Araqchi, the Swift restrictions will remain in place only against those blacklisted because of issues related to arms, missiles or proliferation.
However, he reiterated, the global network will end restrictions on the Iranian banks and financial institutions after implementation of the Joint Comprehensive Plan of Action (JCPOA).
A consortium based in Belgium, Swift is a global communication network vital to the banking industry. It has expelled some Iranian individuals and financial institutions in the past to comply with the international sanctions on Iran.
Under the JCPOA, all economic and financial bans against Iran will be terminated in exchange for certain restrictions on its nuclear activities.
