BREAKING NEWS

Banking's SWIFT says ready to block Iran transactions

By REUTERS

FEBRUARY 18, 2012 08:44

BRUSSELS/WASHINGTON - 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.

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