Switzerland Payment Channel For Iran Becomes Operational – Exclusive

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Switzerland Payment Channel For Iran Becomes Operational - Exclusive

Mohammad Affianian

The long-awaited Swiss payment channel for processing food and medicine trade with Iran has been given the finishing touches to become operational, a member of board of representatives of Tehran Chamber of Commerce, Industries Mines and Agriculture said.

Mehdi Masoumi Esfahani, deputy head of TCCIMA Water and Food Industries Commission told the Financial Tribune Iranian funds from Japan have been transferred to Swiss lender Banque de Commerce et de Placements (BCP) for humanitarian trade and the channel is now operational.

The London-based Financial Times reported in December that Switzerland is close to launching an initiative to let companies sell food, medicine and medical equipment to Iran using a payment channel that would be the first of its kind to win Washington’s approval after it re-sanctioned Tehran.

The payment mechanism has Washington’s backing on the premise that food and medicine are not included in its new list of economic sanctions announced in November.

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