Iran eyes Asian, Swiss banks for sanctions-free trade
TEHRAN (AFP) — Iran wants to use Japanese, South Korean and Swiss banks to handle international trade exempted from Western sanctions under a landmark nuclear deal, a senior official said on Tuesday.
Intensifying U.S. sanctions since 2008, mirrored by the European Union in 2012, had effectively shut Iran out of the international banking system, making all foreign trade difficult.
But under the November agreement, which went into effect last week, major powers agreed Iran could set up a financial channel to pay for the import of goods already exempt from Western sanctions.
The same designated banks will be used to handle income Iran receives from the partial easing of EU and U.S. sanctions over the next six months in return for its scaling back of its controversial nuclear program.
http://tehrantimes.com/economy-and-business/113760-iran-eyes-asian-swiss-banks-for-sanctions-free-trade