TEHRAN – A special financial mechanism aimed at maintaining trade ties between Switzerland and Iran is ready for implementation, according to Sharif Nezam-Mafi, head of the Iran-Switzerland joint chamber of commerce.

He told IRNA news agency that the clearing house will be used to facilitate Iran’s oil transactions with its major Asian crude customers – namely India, China and South Korea.

“Currently, there is no money belonging to Iran in Europe. Most of Iran’s money is in India, China and South Korea which import Iranian crude,” he said.

He said once Iranian oil money flows from Asia to Europe, the Swiss financial channel will start to work immediately, adding the Swiss government has already designated an operating bank, but has not yet formally announced its name.

SP/PA