SWIFT fi­nan­cial ser­vice cuts ties with Iran

The Washington Times Daily - - World -

BRUS­SELS | The SWIFT global fi­nan­cial trans­ac­tion ser­vice said Thurs­day that it was cut­ting ties with Ira­nian banks that are sub­ject to Euro­pean Union sanc­tions aimed at dis­cour­ag­ing the coun­try from de­vel­op­ing nu­clear weapons.

The ac­tion ef­fec­tively en­forces EU sanc­tions be­cause the world’s fi­nan­cial trans­ac­tions are im­pos­si­ble with­out us­ing SWIFT, and it will go a long way to­ward iso­lat­ing Iran fi­nan­cially.

The com­pany’s name stands for So­ci­ety for World­wide In­ter­bank Fi­nan­cial Telecom­mu­ni­ca­tion. It is a bank­ing hub cru­cial to oil, fi­nan­cial trans­ac­tions and other trades.

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