The US aims to disconnect Iran from the SWIFT global payment network as part of new economic sanctions against the Islamic Republic in November. Disconnection from network would make it difficult for Iran to get paid for exports.
“I can assure you our objective is to make sure that sanctioned transactions do not occur whether it’s through SWIFT or any other mechanism,” US Treasury Secretary Steven Mnuchin told Reuters on Sunday. “Our focus is to make sure that the sanctions are enforced.”
After tearing up the 2015 Iran nuclear deal (JCPOA) in May to introduce sanctions against the Islamic Republic, the first round of American punitive measures targeting metals trading, coal, industrial software, and the auto sector took effect in August.