“A nuclear deal between world powers and Iran led to the removal of the curbs on Tehran’s banking, insurance and shipping sectors last weekend, as well as restrictions on oil exports.  But for Iran to resume business with the global banking world – for the first time since 2012 – its banks need to be linked to overseas lenders on SWIFT. The system is used to transmit payments and letters of credit. Many international sanctions relating to Iran’s nuclear program were lifted but most involving U.S. measures remain in place. Non-U.S. banks may trade with Iran without fear of punishment in the United States but U.S. banks may not do so, directly or indirectly.”

http://www.reuters.com/article/us-iran-middleeastbank-idUSKCN0V0239

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