Swift suspends some Iranian banks' access!

Swift made no mention of US sanctions coming back into effect on some Iranian financial institutions.

• It said it is doing so in the interest of the stability and integrity of the global financial system.

The Belgium-based Swift financial messaging service said on Monday it is suspending some unspecified Iranian banks' access to its messaging system in the interest of the stability and integrity of the global financial system.

In a brief statement, Swift made no mention of US sanctions coming back into effect on some Iranian financial institutions on Monday as part of US President Donald Trump's effort to force Iran to curtail its nuclear, missile and regional activities.
The Swift statement said suspending the Iranian banks access to the messaging system was a "regrettable" step but was "taken in the interest of the stability and integrity of the wider global financial system."

The US government has told Swift that it is expected to comply with US sanctions and it could face US sanctions if it fails to do so. On the other hand, Swift is barred from doing so under the European Union's so-called blocking statute, which could subject it to European penalties for complying with US law. - Reuters