“Russian and Chinese banks refuse to provide banking services to Iranians,” told the head of Iran - China Joint Chamber of Commerce Majid Reza Hariri.
In an exclusive interview with ILNA news agency, the Iranian official said that at present, we do not have any banking transactions with Russia and China, and if someone with an Iranian passport goes to these banks, they refuse to handle any financial service.
He added “Swift is not our main problem in financial transactions, the main is that no bank is willing to cooperate with Iran because of being suspect for money laundering regardless of the U.S. sanctions.
Majid Reza Hariri confirmed that in recent years, Russia and China have suggested using other financial messaging networks instead of Swift, but this has not yet become operational.
According to Reuters, China should prepare for potential U.S. sanctions by the increasing use of its own financial messaging network for cross-border transactions. The report looked at potential measures the United States could take against Chinese banks, including cutting off their access to the SWIFT financial messaging service, a primary network used by banks globally to make financial transactions.
The economic activist continued “Iran is currently facing two major problems in its banking system: the U.S. sanctions which risk any country cooperating with Iran and Iran’s rejection of joining the FATF which has created problem.”
“FATF in recent weeks by writing to the world banking system has stated that Iran is a high-risk country whose financial transactions should be highly controlled.”