Iran Returns to SWIFT Bank System

Photo of author

By Jacob Maslow

With the recent lifting of international sanctions on Iran by the global community, the latest development has seen Iran re-enter the global SWIFT banking system, which will facilitates international money transfers and make trade easier, particularly when it comes to trading crude oil.

The move also allows Iran access to over $100 billion in assets which were frozen around the world in various countries including the United States and Europe. A government spokesman for Iran confirmed that while some of the money would be brought back to Iran for investment, the majority would be spent on purchasing goods and services abroad.

One major concern for Iran going forward is that the majority of the sanctions put in place by the US remain in place, especially related to banking, and can not be lifted until the US officially removes the ‘state sponsor of terror label’ it slapped on Iran in previous times. Removing the label may not be as easy as it seems, with US politicians deeply divided on whether or not the sanctions should ever have been lifted in the first place.

Whether or not the US proceeds with abolishing the label and removing the sanctions, Iran now officially has access to world trade with all other nations using the SWIFT system.

Images Courtesy of DepositPhotos