EU Tightens Grip on Iran

In a move that effectively shuts Iran out of the international banking system, the European Union earlier this month adopted a decision that will block specialized financial messaging services to and from Iranian banks. From law firm White & Case:

“As a consequence, none of the banks that are included in the asset freeze list will be able to make or receive payments related to international transactions using SWIFT services (or the services of similar service providers falling under EU jurisdiction), including – but not limited to – those for sales of crude oil.This ban and SWIFT’s decision to block services for listed banks are expected to affect financial transactions with Iranian companies worldwide.”

Read the full update: EU Expands Sanctions Against Iran – Bans the Supply of Financial Messaging Services to Listed Entities, White & Case LLP»See also: When an Entity Is Owned or Controlled by the Government of Iran for U.S. Sanctions Purposes, Bryan Cave»