Foreign

Iran to avoid U.S. sanctions by bypassing SWIFT

Published

on

(Sputnik/) Iranian Central Bank (CBI) Head, Abdolnaser Hemmati, on Wednesday said the country is planning to evade American economic sanctions by switching entirely away from the dollar to national currencies in mutual trade and by bypassing SWIFT.

“Accordingly, we are moving toward using alternative payment systems and conducting our business through national currencies.

“Such steps have been discussed with Turkey and Russia,’’ Hemmati said.

Separately, the CBI chief said that his country has issued a proposal to Russia to use alternative payment systems in trade with the entire Eurasian Economic Union (EAEU).

He noted that such measures would effectively render SWIFT useless for the country.

SWIFT, an international messaging network for communications between banks, announced its ban on Iranian financial institutions after the U.S. targeted them with sanctions in November 2018.

The network said that this was done in order to preserve the global stability of the system.

It said that the decision was preceded by Washington threatening to impose sanctions on SWIFT itself if it would not cut ties with Iran.

The U.S.imposed sanctions against the Iranian economy’s energy, banking, and shipping sectors following its withdrawal from the Joint Comprehensive Plan of Action (JCPOA).

Washington also threatened to impose sanctions against any entity dealing with Iran, including from the EU.

In a bid to preserve the deal with Iran, the European Union developed a special mechanism called INSTEX that would allow for conducting business with the country without falling under U.S. sanctions.

However, Tehran was not entirely satisfied with it as it failed to alleviate Iranian oil trade issues.

Iran has called on Brussels to improve INSTEX, threatening to abandon the JCPOA.

In May, Tehran began to gradually roll-back on its commitments under the accord, citing the lack of progress in improving the INSTEX mechanism.

The international SWIFT network banned Iranian banks from its system soon after the U.S. imposed sanctions against the country in November 2018.

The ban was preceded by Washington’s threats to slap sanctions on the financial network too if it were to continue working with the Islamic Republic’s financial institutions. (Sputnik/)

HLM/AIB

Edited by Hadiza Mohammed/Abdulfatah Babatunde

Short Link: https://wp.me/pcj2iU-2EdX

Hadiza Mohammed

Hadiza Mohammed: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

Kwara Govt welcomes 129 doctors, others Customs strike force intercepts 513 bags of foreign rice NABDA partner ABU on genetically improved maize Senate seeks more incentives for new entrants to cement production The FG reaffirms its commitment to the growth of MSMEs to stimulate GDP AU mourns ousted Chadian President Deby Mourning CBN urges banks to support businesses seeking expansion Lawan praises a harmonious relationship between the arms of government Providing public services is key to improving lives – SERVICOM Nigeria and Tanzania support defense collaboration – CDS NIS boss calls for effective border management Saudi embassy donates COVID-19 medical supplies to FG Pantami attack disrupts plan for secure national database – CSO FG, JUSUN / PASAN meeting postponed – Ngige Addressing the Myths of the COVID-19 Vaccine Gasoline Queues: NNPC Increases Daily PMS Trucks To 1,661 Ramadan: Buhari joins the faithful for the annual Tafsir Woman stabs 14-year-old student in Bayelsa to death Nigeria and North Korea to form joint STI committee – Minister FG reaffirms the efficacy of artemisinin against malaria Hoima District frontline health workers hesitate over COVID-19 vaccination, then adopt after WHO assurance Customs intercept hemp, carbide, others with N3.1bn DPV Edo spends 6 billion naira on infrastructure in public primary schools Dr Congo: worrying influx of wounded in Beni and Goma hospitals Minister frowns at lower volume of trade with S’Korea NAPTIP arrests 4 people for alleged sales of babies IUCN’s Inaugural African Protected Areas Congress officially relaunched The Gambia eliminates trachoma as a public health problem Gasoline tail: Kyari informs Buhari and promises to end fuel shortage within hours Buhari mourns President Deby – NIGERIA NEWS AGENCY More than 200,000 people return to Zimbabwe as COVID-19 impacts regional economies NWFL Super Six: Sunshine Queens beat Edo Queens to stay in contention Ondo Electoral Court rejects PDP petition against Governor Akeredolu RTS, S malaria vaccine reaches more than 650,000 children in Ghana, Kenya and Malawi with breakthrough pilot program Lagos State to Hold LG Poll in July CAF Confederation Cup: matches of the fifth day More refugees arrive in Chad following recent clashes in the Central African Republic MMA2 security personnel return lost bag containing 2.35 m N to passenger Japan donates $ 6.5 million to WFP to tackle food insecurity in South Sudan EU launches € 100 million humanitarian initiative to support COVID-19 vaccination campaigns in Africa The transition period in Chad will last 18 months – Military NDLEA Shuts Down Drug Syndicate, Arrests 2 Undergraduates Egypt dismisses head of railway authority following fatal accidents Coronavirus – Malawi: COVID-19 update (April 19, 2021) Coronavirus – Namibia: COVID-19 update (April 19, 2021) Iran rejects step-by-step plan to revive nuclear deal Tigray crisis enters sixth month with no clear end in sight amid ‘serious and continuing violations of children’s rights’ Chad sets up transitional military council headed by son of late president – reports Canon Central and North Africa Further Exploit African Print Market by Appointing Four New Business Partners Across the Continent Obaseki pays 1.5 million naira medical bills for 3 albinos