Switzerland said the first SHTA transaction was completed | Instant News


As reported by the New York Times, a Swiss pharmaceutical company has completed its first transaction under a new humanitarian trade channel with Iran.

“We want to emphasize that the operationalization of SHTA is ongoing and that a number of companies have been approved, more companies will follow. Further transactions must be carried out immediately,” said the Swiss State Secretariat for Economic Affairs (SECO). .

SECO did not identify Swiss drug makers or provide value for delivery, which he said involved cancer drugs used to treat iron overload caused by repeated blood transfusions.

SHTA is a payment mechanism that aims to ensure that exporters and trading companies based in Switzerland in the food, pharmaceutical and medical sectors have access to secure payment channels with Swiss banks, which guarantee payments for their exports to Iran. .

On February 28, the United States and Switzerland completed the terms of the humanitarian trade agreement. The US Treasury said that SHTA is fully operational so the company can now send food, medicine and other important supplies to Iran.

SHTA began a trial operation in February where Novartis, a global health care company based in Switzerland, supplied Iran with € 2.3 million of cancer drugs and drugs needed for organ transplants.

The first agreement through the SHTA has been done while Iran believes the mechanism will not be sufficient to meet Iran’s needs at the time of sanctions.

Iranian officials say companies that want to participate in the SHTA find it very difficult to meet the criteria set by the US government to avoid violating general rules governing sanctions.

The United States has imposed severe sanctions on the Iranian economy, which Iranian officials call “economic terrorism”, since its unilateral and illegal withdrawal of UN-backed JCPOA in May 2018.

HJ / PR

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