16 American Republican Senators Call for Iran's Expulsion from SWIFT

On Thursday, September 1, 16 American Republican senators urged the U.S. Treasury Department to take "all necessary actions" to expel Iran from the SWIFT financial system, which monitors all international banking transactions. Led by Senator Ted Cruz from Texas, the senators wrote in a letter to Treasury Secretary Steve Mnuchin that "swift and comprehensive actions are vital for the success of the government's maximum pressure strategy (Trump's administration), both to limit the regime's resources in its destructive behavior and to signal America's commitment to maintaining the integrity of our sanctions architecture." They added that the maximum pressure campaign will not be successful as long as the Islamic Republic of Iran remains connected to SWIFT. SWIFT, short for the "Society for Worldwide Interbank Financial Telecommunication," is based in Belgium, but its board includes managers from American banks and federal agencies, allowing Washington to take action against Iran's central bank and banks accused of links to terrorism and money laundering. President Donald Trump withdrew the U.S. from the nuclear deal with Iran on May 8 this year and re-implemented the first round of suspended sanctions against Tehran in mid-August. The second round of sanctions, which will be broader than the first, is set to take effect on November 4. The letter from the 16 senators comes shortly after the European Union announced its first financial support package for Iran worth $21 million. This package was presented one day after an article by the German Foreign Minister in a German economic newspaper. Heiko Maas wrote that if the EU wants to save the JCPOA, it needs a "payment system independent of the U.S." The German Foreign Minister added that every day the nuclear agreement with Iran remains in effect is better than a potentially explosive crisis that could threaten the Middle East. Germany, along with Britain, Russia, China, France, and the European Union, continues to support the nuclear agreement with Iran despite criticism of the U.S. withdrawal and is seeking solutions to maintain economic relations with Tehran despite potential U.S. sanctions.