Aug 27

Aug 27 Europe's SWIFT Problem

◢ German foreign minister Heiko Maas recently penned an article in which he said that "it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system." So what exactly is Maas's quibble with SWIFT, the Society for Worldwide Interbank Financial Telecommunication? SWIFT is a proprietary messaging system that banks can use communicate information about cross border payments. This November, U.S. President Trump has threatened to impose sanctions on SWIFT if it doesn't remove a set of Iranian banks from the SWIFT directory.

May 18

May 18 Cañete to Discuss Vital Central Banking Solution on Iran Visit

Esfandyar Batmanghelidj

Policy

◢ Europe’s Commissioner for Climate Action and Energy, Miguel Arias Cañete is set to travel to Tehran this weekend. Cañete’s visit will include discussions on possible new payment mechanisms designed to allow Europe to repatriate oil revenues to Iran’s central bank despite despite Trump’s withdrawal from the nuclear deal, offering a vital lifeline for the Iranian economy as sanctions begin to bite.

Mar 30

Mar 30 Iran Financing at Austria's Oberbank 'On Hold' Because of Trump

Esfandyar Batmanghelidj

Economy

◢ A new report in Austria's Die Presse confirms that one of the first Western banks to sign a deal to provide project financing to Iran has had to put its projects “on hold” due to the uncertainties surrounding the Iran nuclear deal. Oberbank had signed an agreement to extend a EUR 1 billion line of credit to Iran in September of last year.