According to the senior official, Iran is now reconnected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global provider of secure financial messaging services through which LCs can now be issued as well.

In an update on its website, SWIFT said the European Union has announced that the Implementing Legislation has taken effect. SWIFT has informed the relevant stakeholders about the necessary measures that need to be put in place to make it possible for those banks that are delisted by the Implementing Regulation to reconnect to SWIFT.

The announcement follows implementation of Iran’s nuclear agreement, where the EU, the United Nations and the United States lifted sanctions on the country in exchange for curbs on its civilian nuclear activities.