Sanctions against Iran start unraveling ahead of deal

Iran’s Day Bank has been re-admitted to the Society for Worldwide Interbank Financial Telecommunication (SWIFT). This was confirmed in Brussels. Discontinuing the access of Iran’s 30 banks to SWIFT in 2012, on instructions of the European Council, literally cut Iran off from the global banking system and was one of the harshest sanctions imposed on the Iranian economy. Restoration of these ties has come even before the nuclear deal is finalized between the six powers and Iran, probably later Monday, and heralds the start of the breakdown of the sanctions regime against Iran.


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