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Belgium-based SWIFT, which provides banks with a system for moving funds around the world, bowed to international pressure on Friday and said it was ready to block Iranian banks from using its network to transfer money.
Expelling Iranian banks from the Society for Worldwide Interbank Financial Telecommunication would shut down Tehran's main avenue to doing business with the rest of the world - an outcome the West believes is crucial to curbing Iran's nuclear ambitions.
SWIFT, which has never cut off a country before, has been closely following efforts in the United States and the European Union to develop new sanctions targeting Iran that would directly affect EU-based financial institutions.
The United States and EU have already moved to sanction Iran's central bank.
"SWIFT stands ready to act and discontinue its services to sanctioned Iranian financial institutions as soon as it has clarity on EU legislation currently being drafted," the company said in an emailed statement.
The United States recently enacted sanctions that would punish countries and institutions if they do not reduce their purchases of Iranian oil by mid-year
Originally posted by GogoVicMorrow
Does it ever freak you guys out that calling our government on it's corruption has made us appear to side with Iran, a country that I am fundamentally opposed to for how they treat their civilians? We are probably all on a watch list as potential terrorists. In reality I just don't want another Iraq war, and I don't want a bunch of civilians killed in a country that is full of intelligent people that have an out of control government.
Originally posted by tothetenthpower
See, this is financial terrorism against a nation, an act of war IMO.
And they are trying to pain Iran as the enemy? This only hurts the people of Iran, who have done nothing wrong, other than being trapped by a few dictators in a penis waiving contest between the US, Israel and themselves.
Really though folks, if it isn't clear enough already that this is a manufactuered conflict, designed to destabilize the middle east further, then really we don't deserve our freedom.
At noon New York time on Saturday, key Iranian financial institutions, including the country’s central bank, will be disconnected from the global banking messaging system. As economic sanctions go, this one is a killer app. Henceforth, Iran’s ability to engage in international commerce will be severely limited in punishment for flouting the world in pursuit of nuclear weapons.