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    Iranian Banks Able to Reconnect to SWIFT Due to Sanctions Relief

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    Iranian banks received the opportunity to reconnect to SWIFT international payment system amid substantial relief of international sanctions imposed on Tehran in response to its nuclear program, SWIFT said in a statement.

    MOSCOW (Sputnik) — On Saturday, International Atomic Energy Agency (IAEA) confirmed Iran's compliance with the agreement on country's nuclear program and implementation of the Joint Comprehensive Plan of Action (JCPOA) came into effect. Soon after that, the regime of sanctions imposed on Tehran has been substantially weakened.

    "Those banks that are delisted by the Implementing Regulation will now automatically be able to reconnect to SWIFT, following the completion of our normal connection process (i.e. administrative and systems checks, connectivity and technical arrangements)," the statement said on Sunday.

    The statement added that because not all the restrictions imposed on the Iraninan banks were lifted, SWIFT remained prohibited from providing specialized financial messaging services to the EU-sanctioned Iranian banks that remained listed under EU Regulation.

    On July 14, Iran and the P5+1 group of countries comprising the United States, Russia, China, France and the United Kingdom plus Germany, signed the JCPOA. The agreement guarantees the peaceful nature of Iran's nuclear program in exchange for relief of sanctions, including the EU nuclear-related financial messaging restrictions.

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    banking, sanctions, SWIFT, IAEA, Iran
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