SWIFT financial service cuts Iran off

[Arian]

Following an EU Council decision, SWIFT announced it has been instructed to discontinue its communications services to Iranian financial institutions that are subject to European sanctions.

*The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is crucial to Iran’s oil and other trade.

The EU Council decision prohibits companies such as SWIFT from continuing to provide specialized financial messaging services to EU-sanctioned Iranian banks.

A statement on the SWIFT website said “Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct result of international and multilateral action to intensify financial sanctions against Iran.”

The EU Council has already imposed asset freezes and other restrictions on a number of people and organizations associated with Iran's nuclear activities. Iran’s ban from SWIFT ups the pressure aiming to persuade Iran to drop its nuclear program.

The move may also buy time for the US to dissuade Israel from launching a pre-emptive military strike on the Islamic Republic.

Some believe the plan might actually backfire. It could send oil prices soaring and undermine SWIFT’s reputation. The Brussels-based organization is a banking hub used by virtually every nation and corporation around the world – but it is also forced to abide by EU Council decisions.

The EU-sanctioned Iranian financial institutions and the SWIFT customer community have been notified of the disconnection, which will become effective on Saturday 17 March at 16.00 GMT.

SWIFT financial service cuts Iran off — RT

 

[Zeeshan360]

If SWIFT is cut off (in this case it is already cut off ) then how would Iran trade with other countries ??
Barter System or Gold ?

Not just this Iran's foreign reserves will deplete too

 

[somebozo]

Back to the old ways of trading with metal commodities. West would be left speechless and powerless if Iran can work out a system against this because this would mean their embargo regime as sunk for good. As every country will follow suit and make them independent of western controlled financial system. This is why Islamic banking must be promoted with its headquarter located in a Islamic country free from the embargo regime of USA and Europe.
BCCI comes to mind!

 

[Zeeshan360]

Back to the old ways of trading with metal commodities. West would be left speechless and powerless if Iran can work out a system against this because this would mean their embargo regime as sunk for good. As every country will follow suit and make them independent of western controlled financial system. This is why Islamic banking must be promoted with its headquarter located in a Islamic country free from the embargo regime of USA and Europe.
BCCI comes to mind!

For that first all the Islamic countries should be united but they aren't .

 

[IranZamin]

This decision to cut Iran off from SWIFT will not have any effect on Iranian foreign policy. The American neocons are continue dreaming

 

[bdslph]

i am sure USA will get another kind of Sanction in future that no one can trade food or commodities or anything else in return
for OIL

USA sanction in IRAN will never Finish and IRan will also never DIE which USA thought

 

[somebozo]

For that first all the Islamic countries should be united but they aren't .

You cant get whole of India united and talk about Islamic countries..he he

 

[RiazHaq]

If SWIFT is cut off (in this case it is already cut off ) then how would Iran trade with other countries ??
Barter System or Gold ?

Not just this Iran's foreign reserves will deplete too

Iran's economy will suffer badly but it will only solidify the Iranian peoples' resolve not to bow to western pressure.

Also expect smuggling of oil and other essential goods to flourish across Iran-Pakistan border and the Gulf region with many beneficiaries.

 

[500]

This decision to cut Iran off from SWIFT will not have any effect on Iranian foreign policy. The American neocons are continue dreaming

In normal country foreign policies are conducted to serve its citizens. In Iran its the opposite: citizens are sacrifised so mullahs could conduct their crazy foreign policies.

 

[Serpentine]

In normal country foreign policies are conducted to serve its citizens. In Iran its the opposite: citizens are sacrifised so mullahs could conduct their crazy foreign policies.

Yes that's why Israeli war criminals beat the drums of war everyday while almost all Israelis oppose another war.

 

[The SC]

In normal country foreign policies are conducted to serve its citizens. In Iran its the opposite: citizens are sacrifised so mullahs could conduct their crazy foreign policies.

You are most likely talking about your false religious leaders and their craziness, this is called projecting yourself and what you are.
You can not help it, god is closer to you than your ego, and he knows your truth. In this case you are lying and trolling!

 

[500]

Yes that's why Israeli war criminals beat the drums of war everyday while almost all Israelis oppose another war.

Since Iran is main sponsor of terror against Israel, the aim of Israel's foreign policies is to isolate Iran. Its working not bad so far.

 

[Chinese-Dragon]

So annoying!

Hopefully Iran will be open to receiving payment in Yuan/Gold or with a barter system.

 

[The SC]

Since Iran is main sponsor of terror against Israel, the aim of Israel's foreign policies is to isolate Iran. Its working not bad so far.

Are you not Isolated yourselves? That seems to have worked better than your scheme.

 

[500]

Are you not Isolated yourselves? That seems to have worked better than your scheme.

We are not under any sanctions unlike Iran.