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SWIFT says suspending some Iranian banks' access to messaging system

Reuters  |  WASHINGTON 

(Reuters) - 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 U.S. sanctions coming back into effect on some Iranian financial institutions on Monday as part of U.S. Donald Trump's effort to force 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."

Having abandoned the 2015 nuclear deal, Trump is trying to cripple Iran's oil-dependent and force to quash not only its nuclear ambitions and its ballistic missile program but its support for militant proxies in Syria, Yemen, and other parts of the

SWIFT's decision not to mention the resumption of U.S. sanctions likely reflects the fact that it is caught between two contrary regulatory demands.

The has told SWIFT that it is expected to comply with U.S. sanctions and it could face U.S. 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 U.S. law.

(Reporting by Arshad Mohammed; Editing by Bill Trott)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 19:41 IST
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