Iran cut off from global financial system
— part of an international effort to discourage Tehran from developing nuclear weapons. sanctions because global financial transactions are impossible without using , and it will go a long way toward isolating Iran financially. The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a banking hub crucial to oil, financial transactions and other trades. "Disconnecting banks is an extraordinary and unprecedented step for SWIFT," said , chief executive of SWIFT. "It is a direct result of international and multilateral ...
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