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Interbank System Ready To Exclude Iranian Financial Institutions

February 17, 2012

The global interbank transfer network SWIFT says it is prepared to discontinue services to Iranian financial institutions targeted by European Union sanctions.

The Society for Worldwide Interbank Financial Telecommunication, known as SWIFT, said on February 17 that the EU was drafting new measures which would affect its ability to provide services to Iranian clients.

The EU-based organization said it was ready to comply with those regulations "as soon as it has clarity on EU legislation currently being drafted."

The U.S. Senate's banking committee has endorsed similar legislation.

Iran has been dealing with tightened international sanctions that Western states and the United Nations have imposed over the Iranian nuclear program.

Compiled from agency reports

Source: http://www.rferl.org/content/interbank_system_ready_to_exclude_iranian_financial_institutions/24487955.html

Copyright (c) 2012. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.

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