Tehran to Continue Transactions Bypassing US Sanctions - Iranian Central Bank

"We have been in talks with our trade partners and all the necessary actions have been taken for Iran’s interactions to continue… We were expecting these sanctions, so we had plans in place for them and beyond… considering the possibility of banks being disconnected from SWIFT we have considered alternatives to replace it," Hemmati said, as quoted by Tasnim News Agency.

The statement was made after on Monday a new batch of sanctions on Iran’s oil trade, shipping and banking came into force. The United States told foreign firms to stop doing business in the country or face penalties. Washington has exempted eight nations from the sanctions on importing oil from Iran. US Treasury Department added more than 700 Iranian individuals and organizations, including 14 of the largest banks, on the sanctions list.

READ MORE: Pompeo Reveals Countries Exempt From Iran Oil Sanctions

The SWIFT banking network announced on Monday it had suspended several Iranian banks from its service in light of Washington's move to reimpose sanctions on Tehran.

READ MORE: US Ready to Impose Sanctions Against SWIFT If It Neglects anti-Iran Sanctions

The punitive measures were introduced, following US President Donald Trump's announcement in May that the United States would withdraw from the Iran nuclear agreement and re-impose sanctions against Tehran that were lifted under the accord. The first round of US sanctions was imposed in early August.