Payments system SWIFT to cut off Iranian banks
, which facilitates the bulk of global cross-border payments, will on Saturday cut off after an EU order and pressure from the United States. Society for Worldwide Interbank Financial Telecommunication ) said in a statement on Thursday it would disconnect Iranian financial institutions affected by the sanctions from its messaging system on Saturday at 1600 GMT. "This EU decision forces SWIFT to take action," SWIFT Chief Executive Lazaro Campos said. "Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct ...
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