Central Banking

EU offers Iran sanctions relief with new clearing house

Iran flag

A new European clearing house will help Iran bypass the latest batch of US sanctions after a number of its banks were prohibited from using interbank payment services provided by Swift.

In September, the European Union’s foreign policy chief Federica Mogherini announced the European Union was creating a new payment mechanism.

The ‘special purpose vehicle’ will “assist and reassure economic operators pursuing legitimate business with Iran”, according to a joint statement released by the

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