24 May 2018
visit www.ebaday.com

US sets sights on ECB's Target2 over Iran sanctions

22 February 2013  |  5700 views  |  0 cash

US lawmakers are putting together a bill designed to make it harder for Iranian firms to use the European Central Bank's Target2 cross-border payments system, according to press reports.

Sanctions have effectively cut off Iran from America's financial system and prevented the country's firms from carrying out bank transactions in dollars.

Draft legislation is now being put together by Congress designed to make it as difficult for Tehran to carry out business in euros.

A congressional aide has told Reuters that the planned law would impose financial penalties on any entity that uses Target2 to do business with Iran.

The ECB told Reuters that "no illegitimate transactions are cleared in Target2 but any sanctions are EU sanctions and not an ECB competence."

Last year, under pressure from the EU, Swift took the unprecedented step of cutting off its financial messaging network to Iranian banks.

Lawmakers target ECB to stop Iran from using euros - Reuters

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Standard Chartered set for $330m Iran sanctions settlement

Standard Chartered set for $330m Iran sanctions settlement

06 December 2012  |  5223 views  |  0 comments | 6 tweets | 2 linkedin
ECB extends T2S deadline; weak trading hits volume and pricing assumptions

ECB extends T2S deadline; weak trading hits volume and pricing assumptions

04 December 2012  |  7944 views  |  0 comments | 4 tweets | 1 linkedin
In 'unprecedented' step, Swift cuts off Iranian banks

In 'unprecedented' step, Swift cuts off Iranian banks

15 March 2012  |  12217 views  |  8 comments
US lawmakers bid to shut Iranian banks out of Swift network

US lawmakers bid to shut Iranian banks out of Swift network

02 February 2012  |  7462 views  |  0 comments
ECB hails launch of Target2

ECB hails launch of Target2

20 November 2007  |  9638 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.com/news/mobile-firstVisit aciworldwide.webex.com

Top topics

Most viewed Most shared
PayPal agrees $2.2 billion deal for iZettlePayPal agrees $2.2 billion deal for iZettl...
10420 views comments | 16 tweets | 28 linkedin
satelliteAnt Financial provides tech for China Ever...
10368 views comments | 1 tweets | 2 linkedin
BBVA begins global roll-out of unified mobile appBBVA begins global roll-out of unified mob...
9095 views comments | 6 tweets | 5 linkedin
Digital banking transformation creating new systemic risksDigital banking transformation creating ne...
7948 views comments | 18 tweets | 22 linkedin
Japanese banks join quantum computing hubJapanese banks join quantum computing hub
7759 views comments | 8 tweets | 6 linkedin

Featured job

Find your next job