SWIFT financial service cuts Iran off

SWIFT, the Brussels based clearing house, announced it will cut services to Iranian banks on foot of European sanctions, in order to comply with the EU Council. The service denial includes Iran’s central bank, which processes Iran’s oil revenues.

­Some 30 Iranian banks will be blocked from doing international business.

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is crucial to Iran’s oil and other trade.

The EU Council decision prohibits companies such as SWIFT from continuing to provide specialized financial messaging services to EU-sanctioned Iranian banks. They, alongside the SWIFT customer community have been notified of the disconnection, which will become effective on Saturday 17 March at 16.00 GMT.

A statement on the SWIFT website said “Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct result of international and multilateral action to intensify financial sanctions against Iran.” Read More