'SWIFT sanctions may convince Iran to abandon nukes'

Vice Premier Silvan Shalom says cumulative impact of the oil and SWIFT sanctions may get Iran to abandon its push for nuclear weapons.

By JPOST.COM STAFF, REUTERS
March 18, 2012 10:07
2 minute read.
Silvan Shalom on Iran

Silvan Shalom on Iran. (photo credit: AMMAR AWAD / REUTERS)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

Vice Premier Silvan Shalom said on Sunday that Israel is satisfied with SWIFT's decision to halt Iran's ability to use its electronic fund transfer system to make international transfers. He estimated that within a few weeks, the impact on the Iranian economy would become apparent.

SWIFT is the world's largest electronic payment system and on Saturday implemented its decision to cut off 30 Iranian banks blacklisted by EU supported economic sanctions. By SWIFT's own admission, the move is "extraordinary" and "unprecedented."

Be the first to know - Join our Facebook page.


Shalom, in an interview with Army Radio, said that the decision is likely to prove decisive in the struggle against Iran's [nuclear] arms race. “Iran is progressing with its nuclear weapons program in order to safeguard the regime's rule. But the moment that the sanctions become this severe, first with oil and now with [money] transfers, perhaps we will get to a point where they will understand that only abandoning the [nuclear weapons] program will allow the regime to survive,” said Shalom.

He added that in today's world, “We already don't do transfers using documents. Everything is done by international [electronic] transfers. What will they do now? Carry around suitcases with gold?”

Meanwhile, Iran responded to the SWIFT sanctions, characterizing them as unnecessary since Iran maintains that it has no desire to build a nuclear bomb. "I think they know pretty well, I think the United States intelligence services and the West know that we are not after building nuclear weapons," said Mohammad Javad Larijani, Secretary General of Iran's High Council on Human Rights.

On the other hand, the US is cheering the EU's move. Under Secretary of Treasury David Cohen said, "The decision reflects the growing international consensus that substantially increased pressure is needed to convince the Iranian regime to address the international community's concerns about its illicit nuclear activities."

The move will hurt Iran's all-important oil industry by complicating its ability to make and receive payments. It will also affect Iranian citizens by making it difficult for them to receive any money from relatives living abroad.

JPOST VIDEOS THAT MIGHT INTEREST YOU:


Click here for full Jpost coverage of the Iranian threat

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Bushehr nuclear Iranian
August 5, 2014
Iran and the bomb: The future of negotiations

By YONAH JEREMY BOB