US pushes EU, SWIFT to eject Iran banks

February 15, 2012 23:19

WASHINGTON - The Obama administration is pressuring the European Union and a global electronic banking system to expel Iranian banks from the network, another step in Western efforts to deprive Tehran of funds needed to develop nuclear weapons.

Kicking Iranian banks out of the Belgium-based SWIFT or Society for Worldwide Interbank Financial Telecommunication, would cut off one of the only remaining avenues for Iran to do business with the rest of the world.

SWIFT facilitates the bulk of the world's cross-border payments, exchanging 18 million payment messages per day between banks and other financial institutions in 210 countries.

The United States and Europe have already slapped sanctions on Iran's central bank, the main clearinghouse for the country's oil revenues, which would punish Tehran's trading partners if they continue to buy Iranian oil.

Related Content

Breaking news
May 25, 2018
Movie producer Weinstein surrenders on sex assault charges