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Thu Mar 15, 2012, 01:48 PM

SWIFT Severs Iran Ties, Cuts Tehran Off From Global Financial System [View all]

Source: ASSOCIATED PRESS

BRUSSELS Iran was effectively cut off from global commerce on Thursday, when the company that handles financial transactions said it was severing ties with many Iranian banks - part of an international effort to discourage Tehran from developing nuclear weapons.

The action enforces European Union sanctions because global financial transactions are impossible without using SWIFT, and it will go a long way toward isolating Iran financially.

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a banking hub crucial to oil, financial transactions and other trades.

"Disconnecting banks is an extraordinary and unprecedented step for SWIFT," said Lazaro Campos, chief executive of SWIFT. "It is a direct result of international and multilateral action to intensify financial sanctions against Iran."

Read more: http://www.politico.com/news/stories/0312/74064.html

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Reply SWIFT Severs Iran Ties, Cuts Tehran Off From Global Financial System [View all]
Purveyor Mar 2012 OP
hatrack Mar 2012 #1
AngryAmish Mar 2012 #2
Shadowflash Mar 2012 #3
Comrade Grumpy Mar 2012 #4
Purveyor Mar 2012 #5
Nihil Mar 2012 #8
harun Mar 2012 #10
Fool Count Mar 2012 #6
nanabugg Mar 2012 #7
librechik Mar 2012 #9