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« The [Recovery] Has No Clothes | Main | The Supremacy Of The US Dollar Is Behind Us »

SWIFT instructed to disconnect sanctioned Iranian banks following EU Council decision

This ban could back fire on the West. When you force someone into a corner they will try their hardest to find a solution and that solution could be the introduction of an alternative and competing system. We will watch for developments in this direction as this system is not complicated to emulate and it could be launched fairly soon. The West could then ban all of the participants using the new system, but if it is used by the BRIC countries then what? We cant imagine that trade with all of these countries would banned.

The end result of this economic spat could be a loss of influence for the west as the rest of the world goes about its business without the SWIFT facility.


Brussels, 15 March 2012 – Following an EU Council decision, SWIFT is today announcing it has been instructed to discontinue its communications services to Iranian financial institutions that are subject to European sanctions.

The new European Council decision, as confirmed by the Belgian Treasury, prohibits companies such as SWIFT to continue to provide specialised financial messaging services to EU-sanctioned Iranian banks. SWIFT is incorporated under Belgian law and has to comply with this decision as confirmed by its home country government.

“This EU decision forces SWIFT to take action” said Lázaro Campos, CEO of SWIFT. “Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct result of international and multilateral action to intensify financial sanctions against Iran.”
The EU-sanctioned Iranian financial institutions and the SWIFT customer community have been notified of the disconnection, which will become effective on Saturday 17 March at 16.00 GMT.

SWIFT has been and remains in full compliance with all applicable sanctions regulations of the multiple jurisdictions in which it operates, and has received confirmation of this from the competent regulatory authorities. As a global provider of secure messaging services, SWIFT has no involvement in or control over the underlying financial transactions that are contained in the messages of its member banks.

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SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 210 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

For our German readers we have the following translation which we hope is okay:

SWIFT ist nach Beschluss des EU-Rats

angewiesen, von Sanktionen betroffene iranische

Banken von seinen Services auszuschließen


Brüssel, 15. März 2012 – SWIFT gab heute bekannt, dass das Unternehmen infolge eines Beschlusses des Rats der Europäischen Union angewiesen wurde, seine KommunikationsServices für iranische Banken einzustellen, die Gegenstand der Sanktionen von europäischer Seite sind.

Der neue Beschluss des EU-Rats, der vom belgischen Finanzministerium bestätigt wurde, untersagt Unternehmen wie SWIFT die Fortführung spezifischer Finanzdaten-Übermittlungsdienste für die von den EU-Sanktionen betroffenen iranischen Banken. SWIFT ist ein unter belgischem Recht eingetragenes Unternehmen und daher gehalten, diesem Beschluss – entsprechend der Bestätigung durch die Regierung seines Heimatlandes –Folge zu leisten.

„Dieser Beschluss der EU erfordert, dass SWIFT jetzt handeln muss”, sagte Lázaro Campos, der Vorstandsvorsitzende von SWIFT. „Dienstleistungen für Banken einzustellen ist ein außergewöhnlicher und bislang beispielloser Schritt für SWIFT und ein unmittelbares Ergebnis der internationalen und multilateralen Aktivitäten zur Intensivierung finanzieller

Sanktionen gegen Iran.“Die von den EU-Sanktionen betroffenen Finanzinstitutionen des Iran sowie die KundenCommunity von SWIFT wurden von der Einstellung in Kenntnis gesetzt, die am Samstag, den 17. März 2012, um 16:00 Uhr GMT in Kraft tritt.

SWIFT hat bisher alle anwendbaren Sanktionsregeln der vielfältigen Rechtsprechungen, in denen es tätig ist, eingehalten und wird dies auch künftig tun. Dies wurde in allen Fällen von den jeweils zuständigen Aufsichtsbehörden bestätigt. Als ein weltweit aktives

Dienstleistungsunternehmen für die sichere Nachrichtenübermittlung hat SWIFT keinerlei Mitwirkung oder Kontrollmöglichkeiten bei den zugrundeliegenden Finanztransaktionen, die in den Nachrichten seiner Mitgliedsbanken enthalten sind.

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