ID : N-3115 Date : 2018/10/10 - 15:05
(Persia Digest) – An expert on US affairs in Tehran believes: “The US Department of Treasury (USDT) is worried that the new Special Purpose Vehicle (SPV) being set up by the EU can be used by Russia and China and set off the global decline of the dollar. It has demanded an investigation into Iran’s access to SWIFT.”
The Washington Free Beacon has reported that top USDT officials have asked for Iran’s continued access to SWIFT. New oil and banking sanctions imposed on the country by the Trump Administration will come into effect on 4 November 2018. This will limit Iran’s access to global financial systems. As a result, the EU decided to create a Special Purpose Vehicle for trade with Iran. Does the USDT demand of investigation indicate a drift within the US Administration, or are they worried about a rival European SWIFT system?
Expert of US affairs in Tehran, Amir-Ali Abolfath told PD in an interview: “The news has not yet been confirmed by the USDT. There is always controversy over strategy in the US administration that is not limited to Iran. Each department or ministry announces its views according to its priorities. It seems the USDT is worried about the new SPV being set up by the EU for trade with Iran.”
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► Pressure to save SWIFT access for Iran
► EU payments system plan for Iran
He continued: “Differences over the JCPOA are not simply to exert pressure on Iran. It is a test for the global financial system. Should the world follow suit in US footsteps and its system under the domination of the dollar? Or should it find a new outlet with respect to this country’s political behaviors regarding its currency to continue trade free of pressures by Washington?”
He added: “Based on the events surrounding the 2015 JCPOA nuclear accord, if the EU can plan an SPV without suffering secondary sanctions from US transboundary laws, it will resolve Iran’s problems, keep the JCPOA in place, and become a precedent for other countries who are being increasingly added to the list of sanctions.”
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► EU steps up drive to exempt Swift from Iran sanctions
► Mogherini: Iran SPV in place before November
Amir-Ali Abolfath went on to say: “The said SPV can also be used by the Chinese and Russians. This is a wakeup call for American financiers. In their view, a new financial channel will decline the fall of the dollar. As such, the USDT is looking for a way out for Iran to reduce EU and Iranian incentives to create such a system.”
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