Israel official praises world block on Iran banks

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Israel official praises world block on Iran banks

CBS News - March 16, 2012
A currency exchange bureau worker counts US dollars, as Iranian bank notes are seen at right with portrait of late revolutionary founder Ayatollah Khomeini, in downtown Tehran, Iran, in this Wednesday, Dec. 21, 2011 file photo. The SWIFT financial transaction service says it's cutting ties with Iranian banks that are subject to European sanctions. In a statement Thursday, March 14, 2012, SWIFT, the banking hub crucial to oil, financial transactions and other trade, said the EU decision "prohibits companies such as SWIFT to continue to ...

Iran Cut Off From Global Financial System

NPR - March 16, 2012
BRUSSELS (AP) — Dozens of Iranian banks were blocked from doing business with much of the world as the West tightens the financial screws on a country it wants to prevent from developing nuclear weapons. The Belgium-based company that facilitates most international bank transfers on Thursday took the unprecedented step of blocking 30 Iranian banks from using its service. The move is likely to hurt Iran's all-important oil industry and make it difficult for citizens to receive money from relatives living abroad. The move by the Society for ...

Payments system SWIFT to expel Iranian banks Saturday

Yahoo! News - March 15, 2012
The world's biggest electronic payment system on Saturday will cut off in an attempt to further strangle Tehran's ability to finance a , which facilitates the bulk of global cross-border payments, said it would disconnect designated Iranian financial firms from its messaging system on Saturday at 1600 GMT after European regulators ordered the company to do so. "The EU decision forces SWIFT to take action," SWIFT Chief Executive Lazaro Campos said in a statement on Thursday. "Disconnecting banks is an extraordinary and unprecedented step for ...

Sanctions vice tightens on Iran over nuclear dispute

Yahoo! News - March 15, 2012
Empty and disused Islamic Republic of Iran Shipping Lines (IRISL Group) containers are seen at Malta Freeport in the Port of Marsaxlokk outside Valletta February 10, 2012. REUTERS/Darrin Zammit Lupi/ , cutting it out of key global financial networks, but is taking urgent steps to withstand the pressure over a nuclear program the West suspects is intended to produce bombs. The SWIFT system, which handles most cross-border payments, said in Brussels on Thursday it would disconnect Iranian institutions blacklisted by sanctions from its ...

Payments system SWIFT to cut off Iranian banks

Yahoo! News - March 15, 2012
, which facilitates the bulk of global cross-border payments, will on Saturday cut off after an EU order and pressure from the United States. Society for Worldwide Interbank Financial Telecommunication ) said in a statement on Thursday it would disconnect Iranian financial institutions affected by the sanctions from its messaging system on Saturday at 1600 GMT. "This EU decision forces SWIFT to take action," SWIFT Chief Executive Lazaro Campos said. "Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct ...

Exclusive: Iran food stockpiling grows as grain ships near port

Yahoo! News - March 15, 2012
LONDON/HAMBURG (Reuters) - Vessels carrying at least 360,000 , Reuters shipping data showed on Thursday, a sign that Tehran is succeeding in stockpiling food to blunt the impact of tougher Iran has been shopping for wheat at a frantic pace, ordering a large part of its expected yearly requirement in a little over one month and paying a premium in non-dollar currencies to work around toughened Western sanctions and avoid aimed at Iran's disputed nuclear program, but financial measures have frozen Iranian firms out of much of the global ...

SWIFT to cut services for Iran firms blacklisted by EU

Yahoo! News - March 15, 2012
European Union nations agreed Thursday to ban financial transfers such as payments to hundreds of Iranian firms and individuals blacklisted by the bloc over In several rounds of sanctions, the latest in January, the EU has frozen the assets of 116 people and 442 firms and utilities, including the Iranian central bank. The measures are part of global efforts to force Tehran to abandon a nuclear programme feared to have military aims -- a claim rejected by Tehran. A statement Thursday said the EU had "agreed that no specialised financial ...

Payments system SWIFT to cut off Iranian banks

Yahoo! News - March 15, 2012
, which facilitates the bulk of global cross-border payments, will on Saturday cut off after an EU order and pressure from the United States. Society for Worldwide Interbank Financial Telecommunication ) said in a statement on Thursday it would disconnect Iranian affected by the sanctions from its messaging system on Saturday at 1600 GMT (12.00 pm EDT). "This EU decision forces SWIFT to take action," SWIFT Chief Executive Lazaro Campos said. "Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct result of ...

Iran cut off from global financial system

Yahoo! News - March 15, 2012
— part of an international effort to discourage Tehran from developing nuclear weapons. sanctions because global financial transactions are impossible without using , and it will go a long way toward isolating Iran financially. The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a banking hub crucial to oil, financial transactions and other trades. "Disconnecting banks is an extraordinary and unprecedented step for SWIFT," said , chief executive of SWIFT. "It is a direct result of international and multilateral ...

Major UAE currency houses halt Iran rial business

Reuters - March 15, 2012
Major money exchange houses in the United Arab Emirates have stopped handling Iranian rials over the last several weeks, executives at the houses said, further reducing Iran's ability to trade and obtain hard currency. Since late last year, Iran has largely been frozen out of the global banking system by U.S. sanctions aimed at its disputed nuclear programme. Washington has used anti-money laundering legislation to make it risky for banks around the world to do business with Iran, including trade financing. In December, the U.S. government ...

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