EU Expected to Ban Iranian Banks from Swift

The European Union is working to ban blacklisted Iranian banks from using the Society for Worldwide Interbank Financial Telecommunications (Swift), a financial communications and clearing system, senior U.S. and European officials said Feb. 15, The Wall Street Journal reported. EU financial regulators are expected to present a formal ruling on Swift between late February and early March, the official said. The U.S. Congress has drafted legislation threatening to take action against the board and owners of Swift if they did not ban blacklisted Iranian entities from using the system.

This ban constitutes a violation of international trade laws. India is an active member of SWIFT, the use of the organisation to further political agenda by the US and EU should be taken up with BASEL ans also IMF.