One of Iran's most important links to the world financial system will be severed as part of the stepped-up campaign to pressure Iran's leaders to abandon any ambitions to develop nuclear weapons.
The Society for Worldwide Interbank Financial Telecommunication, known as Swift, the dominant messaging service for international financial transactions, said today it would halt service for some two dozen Iranian banks that have been sanctioned by the European Union, including Iran's central bank.
The cutoff, effective March 17 at 4 p.m. London time (noon New York time), is a response to EU regulations issued today that ban financial messaging services for entities subject to an EU asset freeze.
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