Official urges launching Iran-Switzerland financial channel

TEHRAN, Oct. 11 (MNA) – Chairman of Iran-Switzerland Joint Chamber of Commerce expressed his hope that financial mechanism between Iran and Switzerland will be launched in the first half of the next fiscal year (starts March 20, 2021).

So far, the efficiency of the Iran-Switzerland financial channel has not been as expected, but it is hoped that in the coming months, especially as new sanctions have been reimposed on Iranian banks, this channel will be able to cover a large volume of trade between Iran and Switzerland.

Sharif Nezam Mafi added, “Imposing sanctions on the remaining 18 banks in the US Treasury Department’s list makes Iran's international trade too difficult, especially in the field of humanitarian goods such as food and medicine.”

He went on to say that the US reimposition of sanctions on 18 Iranian banks is not good news. However, the imposition of these sanctions at such a time is also considered a pre-election propaganda move taken by the United States. In particular, it seems that the Trump team is somewhat behind its rival and there is a possibility of his defeat of US elections in Nov. 4.

The US is trying to make lifting of sanctions restrictions such as restoring banking conditions to the time of JCPOA difficult or even impossible for the next government, he said, adding, “If Trump fails in the election, it will take three to four months for the next administration to take office and Iran must be prepared for exacerbation of sanctions as well.”

Elsewhere in his remarks, Nezam Mafi pointed to the launching of financial mechanism between Iran and Switzerland and added, “A lot of time was spent on launching financial mechanism between Iran and Switzerland and complex negotiations were held on it. The spread of the coronavirus global pandemic and then, blocking Iran's financial resources in various countries did not meet the expectations of the country in this regard. It is expected that in the coming months, especially now that new sanctions have been imposed, the channel will be able to cover a large volume of trade between Iran and Switzerland.”

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