Iran's banks blocked from global banking system from today

Iran's banks blocked from global banking system from today

March 17, 2012 - Swift, the entire body that handles worldwide banking transactions, says it will reduce Iran's banking institutions out of the system on Saturday to enforce sanctions.

The move will isolate Iran economically by making it almost not possible for funds to flow in and out of the country through official banking channels.

It will strike its oil market, but could also have a weighty affect on Iranians who live overseas and ship income property.

The move follows EU sanctions in opposition to Iran over its nuclear programme.

The US and its allies accuse Iran of attempting to develop nuclear weapons - a cost it denies.

Sanctions specialist Mehrdad Emadi: "Shedding Swift amenities is equal to not obtaining travel documents for a company man or woman"

Iran last week agreed to maintain talks with six key entire world powers over its nuclear programme, although no date or venue has been set.

Nearly all banking transactions move via Belgium-based Swift, the Society for Worldwide Interbank Financial Telecommunication, which is at times named the "glue" that holds the economic system jointly.

Swift will pull the plug at 1600 GMT on Saturday, in what is all but the closing blow to Iranian enterprise dealings.




( via bbc.co.uk )



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