Deep down in Tuesday’s nuclear agreement between Iran and six great powers… (emphasis ours)
19. The EU will terminate all provisions of the EU Regulation, as subsequently amended, implementing all nuclear-related economic and financial sanctions, including related designations, simultaneously with the IAEA-verified implementation of agreed nuclear-related measures by Iran as specified in Annex V, which cover all sanctions and restrictive measures in the following areas, as described in Annex II:i. Transfers of funds between EU persons and entities, including financial institutions, and Iranian persons and entities, including financial institutions;ii. Banking activities, including the establishment of new correspondent banking relationships and the opening of new branches and subsidiaries of Iranian banks in the territories of EU Member States;iii. Provision of insurance and reinsurance;iv. Supply of specialised financial messaging services, including SWIFT, for persons and entities set out in Attachment 1 to Annex II, including the Central Bank of Iran and Iranian financial institutions;
Which would mean the deal isn’t just the first time UN Security Council sanctions under Chapter VII have been brought to an end without going to war. (“IAEA-verified implementation” may take from weeks to months.)
It will also be the first time a country will go through disconnection, then reconnection, with the plumbing of the international banking system.
Will that make suspension from Swift more or less frequent as a tool of sanctions elsewhere in future, we wonder?
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