IFP Exclusive

Switzerland Runs Payment Channel for Iran Drug Trade

The Swiss government has finalised an independent payment mechanism for trade with Iran, which could be used to import drug and grain to the country.

Sharif Nezam-Mafi, the head of the Iran-Switzerland Chamber of Commerce, made the announcement in an interview with IRNA on Tuesday.

Nezam-Mafi said Iran is currently holding no financial assets in Europe, but it could use the channel if Iran’s oil customers, including China, India and South Korea, transfer its money to Europe.

The channel will be used for importing medicines to Iran, the official said, adding that it could be used for grain trade in the future.

Transferring money through the channel requires the US permit, he said, adding that the Swiss government has been negotiating with the US on the channel.

The official said the lender Banque de Commerce et de Placements (BCP) will most likely undertake to transfer money to Iran.

The EU is working to finalise the Special Purpose Vehicle, a separate mechanism to facilitate Iran’s foreign trade amid harsh US sanctions.

The mechanism was set to go operational by the end of 2018, but a number of factors including US pressure has apparently slowed down the process.

Iranian officials, who for months have been lamenting about Europe’s delay in fulfiling commitments, have been outspoken in criticising Europe in recent days.

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.

Recent Posts

“Iran Hamdel” campaign sends aid to Gaza amid war

Aid items donated by millions of Iranians within a national campaign, have reached the beseiged…

3 hours ago

Iranian deputy FM: Cooperation with Saudis serves as a successful model for fostering peace and security

Iran's Deputy Foreign Minister Majid Takht Ravanchi has said Iran and Saudi Arabia are committed…

4 hours ago

Official: Iran responds to IAEA resolution with increased nuclear enrichment capacity

Behrouz Kamalvandi, the spokesperson for the Atomic Energy Organization of Iran (AEOI), says the organization…

5 hours ago

Pictures: Demonstrators in Tehran support people of Gaza, Lebanon

Hundreds of people gathered in Tehran on Friday morning in front of the United Nations…

5 hours ago

Int’l lawyer: US plans to sanction countries cooperating with ICC on Netanyahu arrest

An international law expert and analyst has revealed the U.S. plans to impose punitive measures…

8 hours ago

Minister of science: 25% of Iranian university professors emigrated due to economic challenges

Iran’s Minister of Science, Research, and Technology, Hossein Simayee Saraf, addressed on Thursday academic migration…

8 hours ago