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Swift, the body that handles global banking transactions, says it will cut Iran's banks out of the system on Saturday to enforce sanctions.
The move will isolate Iran financially by making it almost impossible for money to flow in and out of the country via official banking channels.
China and India have said they will still take Iranian oil, but the only obvious way for Iran to be paid for it is now in gold.
Disconnecting banks is an extraordinary and unprecedented step for Swift. It i