8 Oct 2024
Monday 22 October 2018 - 10:38
Story Code : 324110

US Treasury in talks over disconnecting Iran from SWIFT amid sanctions



Sputnik - While Mnuchin insisted that the United States wants to ensure that sanctioned transactions with Tehran "do not occur" through SWIFT or any other mechanisms, he also claimed that the Treasury Department would also identify banks that would be allowed to process transactions for humanitarian funding to Iran.




US Treasury Secretary Steven Mnuchin has announced that his agency is currently negotiating withthe Society forWorldwide Interbank Financial Telecommunication (SWIFT), a global financial messaging service that connects more than11,000 banks inmore than200 countries, ondisconnecting Iran fromthe network.
"I can assure you our objective is tomake sure that sanctioned transactions do not occur whether it's throughSWIFT or any other mechanism. Our focus is tomake sure that the sanctions are enforced," Mnuchin said.


While he refused toprovide any details aboutthe talks, Mnuchin said that the Treasury Department would identify "as quickly aspossible" banks that would be allowed toprocess transactions forhumanitarian funding toIran.
"We want toget tothe right outcome, which is cutting offtransactions," Mnuchin added, though he did not specify which banks would be selected.


Earlier, US Secretary ofState Mike Pompeo also announced that the forthcoming US sanctions againstTehran would fundamentally change other countries economic cooperation withIran, though he did not clarify whether Washington would punish the management ofthe SWIFT payment system if it keeps working withIranian banks.
"I dont know the decision withrespect toSWIFT inparticular. There are still a number ofdecisions pending beforethe November 1 deadline," Pompeo said.



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