Iran to Avoid US Sanctions by Bypassing SWIFT, Ditching Dollar in Trade Transactions | WHAT REALLY HAPPENED

Iran to Avoid US Sanctions by Bypassing SWIFT, Ditching Dollar in Trade Transactions

The international SWIFT network banned Iranian banks from its system soon after the US imposed sanctions against the country in November 2018. The ban was preceded by Washington's threats to slap sanctions on the financial network too if it were to continue working with the Islamic Republic's financial institutions.

Iranian Central Bank (CBI) head Abdolnaser Hemmati said in a statement on 18 September that the country is planning to evade American economic sanctions by switching entirely away from the dollar to national currencies in mutual trade and by bypassing SWIFT. Such steps have been discussed with Turkey and Russia.

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