SWIFT, the global bank-transfer messaging service, said it is prepared to impose sanctions against Iranian financial institutions once the European Union presents implementing rules on its restrictions.
"SWIFT stands ready to act and discontinue its services to sanctioned Iranian financial institutions as soon as it has clarity on EU legislation currently being drafted," the Society for Worldwide Interbank Financial Telecommunication said today in a statement.
Iran would be the first country to be cut off by SWIFT, according to Mark Dubowitz, executive director of the Foundation for Defense of Democracies, a Washington policy group, who has advised the Obama administration and congressional offices on SWIFT and other sanctions measures.
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