BREAKING NEWS

Steinitz: SWIFT sanctions a big blow to Iranian economy

By JPOST.COM STAFF

MARCH 18, 2012 12:46

Finance Minister Yuval Steinitz said Sunday that SWIFT's decision to halt Iran's ability to use its electronic fund transfer system to make international transfers constitutes a tremendous blow to the Iranian economy.

Speaking prior to the weekly cabinet meeting, Steinitz said that cutting Iran off from making international transfers will "make importing and exporting very difficult."

Steinitz stated that the move makes receiving money for billion dollar oil transactions impossible.

The fiance minister called SWIFT's decision "dramatic," but said he did not know if it would halt Iran's drive for nuclear weapons.
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