Posted on 03/15/2012 8:39:23 AM PDT by tcrlaf
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. They, alongside the SWIFT customer community have been notified of the disconnection, which will become effective on Saturday 17 March at 16.00 GMT.
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.”
(Excerpt) Read more at rt.com ...
It’s about time we used this sanction. SWIFT is the international version of ACH (the nine digit bank code on your checks) in the US.
No money orders or wires to / from that country.
If this is effective (i.e. true) then their backs are against the wall.
Well, if we’re not going to do anything, someone has to.
Yah... this sounds like a big deal. The financial equivalent of a naval blockade, which, I believe, is pretty much universally recognized as an act of war. Things could start spinning up pretty fast now.
Well big whoop.
Iran planned on this long ago.
so this is nothing more than headlines for Obama....he’s doing something!
“Well big whoop.”
Well, yeah. It is...
Iran has planned for OIL SALES TRANSACTIONS, but every other personal financial transaction is cleared via SWIFT.
That means no food imports, no wire transfers, nothing.
This is a big deal. It means no money transfers in or out.
That’s huge! Tantamount to a declaration of war as far as Iran is concerned. Hold on to your hats.
Russia can’t serve as go-between, it would be a major logistical headache. They might try. But it’s more likely that the next UN Security Council veto won’t be cast by them. Thanks tcrlaf.
This will definitely get their attention. Agreed, assume a war footing.
It’s about time this happened, should have done it a year ago.
A country could view this as a legitimate act of war. I really don’t think the folks in general have a clue about what is about to happen.
If you’d like to be on or off, please FR mail me.
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