Global Exchange Bars Iranian Banks in Wake of U.S. Sanctions
Nov. 13, 2018--U.S. sanctions against Iran are beginning to hit the banking sector, making international exchange difficult for Iran and its trading partners.
Over the weekend, a global messaging system needed for international trade cut Iranian banks off from its exchange. Without access, Iranian traders cannot conduct business abroad using with bank-to-bank money transfers.
As the ban takes effect, international transactions with Iranian banks and traders may come to a halt. Furthermore, the impact on banking transactions brings diplomatic rifts between the United States and the European Union to the surface.
SWIFT's Hard Hit
The Brussels-based SWIFT system started disconnecting some Iranian banks from its network over the weekend. A SWIFT statement reported by Reuters called the...