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SWIFT Halts Services to Iran Banks

Messaging to Iranian banks subject to EU sanctions will stop March 17.

By Indira A.R. Lakshmanan, Bloomberg | Updated on March 15, 2012

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.

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