Iran, Italy Maintain Banking Ties Despite Sanctions

Albeit facing many barriers at a low level, banking ties between Iran and Italy have not been fully severed despite the fact that the first round of US sanctions has snapped back, the president of Iran-Italy Chamber of Commerce said.
“Since the Italian economy comprises small- and medium-sized enterprises, they have less concerns over international engagements for establishing ties with Iran,” Ahmad Pourfallah also told IBENA.
According to the official, since Iran faces monetary issues on the international scene, financial activity with Italy are currently handled mainly through exchange bureaux and a number of third-tier Italian banks.
One of Iran’s main problems is that many established banks refuse to conduct transactions related to Iran through SWIFT (the Society for Worldwide Interbank Financial Telecommunications), the international messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. This is while Iran’s access to the network has not been cut yet.