Iran Banks To Be Banned From Financial Network

EU To Ban Iran Banks From Financial Network -- Wall Street Journal

The European Union is moving to ban blacklisted Iranian entities from using a Belgium-based financial communications and clearing system in a move that will drastically cut Tehran's ability to conduct global financial transactions, according to senior U.S. and European officials.

The system, known as the Society for Worldwide Interbank Financial Telecommunication, or Swift, oversees the network used by virtually all the world's largest banks to conduct financial wire transfers.

American lawmakers have charged in recent weeks that Iranian companies and banks blacklisted by the U.S. and EU have been using Swift to evade international sanctions.

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Update: US, Europe look at fast but risky penalty on Iran -- AP

My Comment: By kicking Iran out of SWIFT (Society for Worldwide Interbank Financial Telecommunication), Iran's financial tools to conduct international business will be crippled. These sanctions are very serious .... and unprecedented .... and it will disrupt Iran's economy. How Iran will respond to this development .... I predict .... is going to be severe, and it is going to raise tensions throughout the Middle East.