US Pushing SWIFT to Disconnect Iran

"I can assure you our objective is to make sure that sanctioned transactions do not occur whether it's through SWIFT or any other mechanism. Our focus is to make sure that the sanctions are enforced," Mnuchin said, Sputnik reported. 

While Mnuchin insisted that the US wants to ensure that sanctioned transactions with Tehran "do not occur" through SWIFT or any other mechanisms, he  claimed that the treasury department would also identify banks that would be allowed to process transactions for humanitarian funding to Iran.

While he refused to provide any details about the talks, Mnuchin said that his department would identify "as quickly as possible" banks that would be allowed to process transactions for humanitarian funding to Iran.

"We want to get to the right outcome, which is cutting off transactions," Mnuchin added, though he did not specify which banks would be selected.

Earlier, US Secretary of State Mike Pompeo announced that the forthcoming US sanctions against Tehran would fundamentally change other countries’ economic cooperation with Iran, though he did not clarify whether Washington would punish the management of the SWIFT payment system if it keeps working with Iranian banks.

"I don’t know the decision with respect to SWIFT in particular. There are still a number of decisions pending before the November 4 deadline," Pompeo said.

Reuters reported on Monday that Taiwan’s Mega International Commercial Bank will immediately terminate its payment clearing mechanism between Taiwan and Iran in a response to the US sanctions. 

In August, three people familiar with the matter told Reuters Mega International Commercial Bank planned to terminate its payment clearing mechanism between Taiwan and Iran after November.