swift to cut off iranian banks
Last Updated : GMT 06:49:16
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Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Swift to cut off Iranian banks

Arab Today, arab today

Arab Today, arab today Swift to cut off Iranian banks

Brussels - Arabstoday

Belgium-based Swift, which operates the bulk of global cross-border payments, will cut off sanctioned Iranian banks on Saturday under tighter EU financial sanctions on Tehran. Swift (Society for Worldwide Interbank Financial Telecommunication) said in a statement on Thursday it would disconnect the sanctioned Iranian financial institutions from its messaging system on Saturday at 1600 GMT. Swift has faced international pressure, particularly from the US, to prevent Tehran from sending or receiving payments electronically, so as to curb Iran's nuclear ambitions. The US and Europe accuse Iran of seeking to develop nuclear weapons. Iran maintains its nuclear program is for peaceful purposes.

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