Home > Anything Else, Wars and Rumors of War > ‘Extraordinary and Unprecedented’: SWIFT Cuts Off Iran As Sanctions Vice Tightens

‘Extraordinary and Unprecedented’: SWIFT Cuts Off Iran As Sanctions Vice Tightens


“BRUSSELS — Iran was largely cut off from global commerce on Thursday, when the company that handles financial transactions said it was severing ties with many Iranian banks – part of an international effort to discourage Tehran from developing nuclear weapons.

The action is meant to enforce European Union sanctions, as global financial transactions are impossible without using SWIFT, and 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.

Because of its reach, SWIFT’s decision to cut off some 30 Iranian banks and subsidiaries could hinder not only banking but also the country’s lucrative crude oil industry and possibly hurt Iranian households that depend on remittances from relatives living abroad.

‘Disconnecting banks is an extraordinary and unprecedented step for SWIFT,’ said Lazaro Campos, chief executive of the company. ‘It is a direct result of international and multilateral action to intensify financial sanctions against Iran.'” Read more.

Flashback: Jim Sinclair: ‘This is as serious as it gets in nuclear and economic terms’ – “Iran is to be dropped out of the Swift system in Belgium. That means Iran could neither send or receive bank money wires. That would slam Iran’s economy. This is economic war at the highest level of conflict. This could start a greater move of central banks with fears of the West to increase and retrieve their gold positions. It certainly puts cash reserves held by central banks (which are computer entries anyway) into serious question as to security. This is as serious as it gets in nuclear and economic terms. The only weapon that can be effective against Iran’s nuclear industry is Western nuclear deep penetration bunker busters. Hold tight to your insurance investment positions.” Source – SGT Report.

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